Key facts
- Myntra Designs Pvt. Ltd. faced FEMA contraventions related to overseas investments and delayed reporting.
- The RBI imposed a one-time penalty of Rs 2.88 lakh on Myntra.
- The Enforcement Directorate (ED) has closed its probe into the matter.
- Myntra has been cleared of FEMA violations following the RBI's compounding order.
Myntra Designs Pvt. Ltd. has been cleared of violations under the Foreign Exchange Management Act (FEMA) after the Reserve Bank of India (RBI) imposed a compounding order. The RBI levied a one-time penalty of Rs 2.88 lakh on the e-commerce company for contraventions related to its overseas investments and delayed reporting. Following this order, the Enforcement Directorate (ED) has closed its investigation into the matter.