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The Hindu
The Hindu
National
Staff Reporter

Customs confirmed ED’s seizure

ED Customs FEMA

Hyderabad

The Enforcement Directorate on Tuesday said that the competent authority under FEMA, Commissioner of Customs, Chennai, has confirmed the full seizure of ₹288 crore by the agency against Chinese owned M/s PC Financial Services NBFC, by passing a speaking order on February 4.

ED had seized bank/payment gateway funds worth ₹288 crore of M/s PC Financial Services Private Limited (NBFC) vide 3 Seizure orders issued under the provisions of the Foreign Exchange Management Act, 1999 (FEMA). The orders were issued on August 26, 2021, September 30, 2021, and December 15, 2021, for amounts of ₹106.93 crore, ₹131.11 crore and ₹51.22 crore respectively.

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