Myntra hit with ₹2.88L FEMA compounding order after ED probe
Business
Myntra just got hit with a ₹2.88 lakh compounding order involving a one-time payment of ₹2.88 lakh for breaking rules under the Foreign Exchange Management Act (FEMA).
This comes after an investigation by the Enforcement Directorate (ED), announced on June 4, 2026.
To settle things, Myntra asked for compounding under Section 15 of FEMA, which basically means paying to resolve the issue.
Enforcement Directorate issued compounding no objection
The RBI sent Myntra's request to the ED, asking if they were okay with it before moving ahead.
The ED agreed and issued a no objection for the compounding request in line with the true spirit of the Act.