After BYJU’S Denial, ED Says Issued Show Cause Notice For FEMA Violation Of INR 9,362 Cr

• The Adjudicating Authority has issued show cause notices to BYJU’S parent and Byju Raveendran for FEMA violations to the tune of INR 9,362.35 Cr, the ED said
• The agency said that the company failed to submit documents of imports against advance remittances made outside India, among other contraventions
• Earlier in the day, the edtech giant rejected reports which said it has received show cause notice from the agency for FEMA violations

Hours after BYJU’S unequivocally denied reports of it receiving show cause notices from the Enforcement Directorate (ED), the agency has now publicly stated that it has issued show cause notices to the embattled edtech giant over FEMA violations.

“The Adjudicating Authority under the Foreign Exchange Management Act (FEMA), 1999 has issued show cause notices to Think & Learn Private Limited and Byju Raveendran on the basis of the complaint filed by the Directorate of Enforcement… with respect to the contraventions of the provisions of FEMA, 1999 to the tune of INR 9,362.35 Cr,” the ED said in a statement.