North India Statesman
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Do you also open your phone from tea shop to shopping mall, for every small and big payment and open the phonePe? If yes, this news is directly connected to you. The Reserve Bank of India (RBI) has imposed a major fine on the country’s largest online payment company PhonePe.
This fine is not small, but the whole 21 lakh rupees Is of! Now the first question in your mind must be that what is the mistake made by Phonpe, and will it affect common users like us too?
Let us understand this whole matter in very easy language.
What was the mistake of PhonePe?
This case is not related to us and you who do a transaction of 100-200 rupees a day. This case is related to Foreign Investment from abroad From.
See, RBI is the largest boss of money transactions in the country, and has made some strict rules. One such rule is FEMA (Foreign Exchange Management Act)Under this law, whenever an Indian company takes money or investment from abroad, it has to give full information to RBI within a scheduled time.
The RBI found in its investigation that Phonpe did not properly follow these rules in terms of taking money from abroad. That is, either they delayed giving information or made any other disturbance in the process. Just RBI turned its eye on and on the phone to ignore the rules ₹ 20,95,500 (about 21 lakhs) Fines of a fine of
Now the most important question: Is your money safe?
It is natural to have some worry in your mind after hearing this news. “Is my money not in danger?”
So this is a simple and simple answer – not at all! You do not need to worry, your money is completely safe.
This fine is not related to the transactions of customers like you or me. It is a corporate case between the company and the regulator (RBI), in which some paper rules were not followed. The RBI has also made it clear that no question has been raised on the validity of any transaction made by the company with this fine.
