Enforcement Directorate slaps over Rs 230-cr FEMA show cause penalty on PwC

The penalty is amounting to $4,98,42,747 which is equivalent to Rs 2,29,67,21,906, the order accessed by PTI said

The Enforcement Directorate (ED) has slapped an over Rs 230-crore Foreign Exchange Management Act (FEMA) violation show cause penalty notice against multi-national accounting firm PricewaterhouseCoopers (PwC) and others, officials said on Friday.
 
They said the notice was issued under the FEMA after completion of probe by the adjudicating authority, which is the Special Director (Eastern Region) of the ED. The penalty, to the firm and six others, totals to Rs 230.40 crore, the order accessed by PTI said.
 
Officials said the company along with other noticees received investments from PwC Services BV by ‘falsely’ showing them as ‘grants’