ED raids Byju's premises, alleges FEMA violation
Tags: National National News
The Directorate of Foreign Exchange (ED) carried out searches at three premises linked to edtech firm Byju's in Bengaluru in connection with its probe into alleged foreign exchange violations.
An overview of the news
ED recovered several incriminating documents and digital data during its searches.
“FEMA (Foreign Exchange Management Act) searches have also revealed that the company has received Foreign Direct Investment of Rs 28,000 crore (approx) during the period 2011 to 2023.
Apart from this, the company has also remitted Rs 9,754 crore (approx) to various countries during the same period in the name of Foreign Direct Investment.
About Foreign Exchange Management Act
It is an act which mainly deals with the provisions relating to cross border trade and payments.
It defines the procedures, formalities and practices of all foreign exchange transactions in India.
It was brought in in 1999 as a replacement to the earlier Foreign Exchange Regulation Act (FERA).
This act came into force on 1 June 2000.
The head office of FEMA is known as Directorate of Enforcement which is situated in Delhi.
Its primary objective is to help facilitate external trade and payments in India.
FEMA is applicable in all parts of India.
This applies equally to offices and agencies located outside India.
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