New Delhi, Feb. 17 -- The Adjudicating Authority under the Foreign Exchange Management Act, 1999 (FEMA) has imposed a total penalty of Rs.184 Crore on PPK Newsclick Studio Pvt. Ltd. and its Director Prabir Purkayastha.
The penalty follows adjudication proceedings initiated by the Directorate of Enforcement under Section 16 of FEMA for violations related to foreign direct investment and foreign inward remittances. The Authority found that the company received approximately Rs.9.59 Crore in FDI during FY 2018-19 by misrepresenting its business activity, bypassing sectoral conditions under FEMA.
Additionally, foreign inward remittances totaling Rs.82.63 Crore between FY 2018-19 and 2023-24 were found in contravention of FEMA due to misclassi...