India's Law Enforcement Agency Probes Crypto Exchanges For Forex Violations
— Procedures, Violations, Trade, Indias, Crypto, Forex, Exchange, Transactions, Probes, Agency — 1 min read
At issue are possible violations of the Foreign Exchange Management Act 1999. FEMA outlines formalities and procedures for all foreign exchange transactions in India. The main objective was to facilitate external trade and payments and ensure orderly development and maintenance of the Indian forex market. The ED is tasked with ensuring compliance with and probing violations under the FEMA act and the Prevention of Money Laundering Act 2002 (PLMA) The act is aimed at ensuring compliance and ensuring the development of an orderly development of the country's foreign exchange market. At issue is possible violations under FEMA Act and PLMA Act, which is meant to prevent money laundering and embezzling from India's currency markets. The laws are meant to ensure the development and stability of India's forex markets. Source