Rs 229-crore FEMA show cause penalty against PwC

New Delhi: The ED has slapped an over Rs 229-crore FEMA violation show cause penalty notice against multi-national accounting firm PricewaterhouseCoopers (PwC), officials said. The notice was issued under the Foreign Exchange Management Act (FEMA) after completion of probe by the adjudicating authority which is the Special Director (Eastern Region) of the ED. The penalty is amounting to USD 4,98,42,747 which is equivalent to Rs 2,29,67,21,906, the order accessed by PTI said. The company along with other noticees received investments from Ms PwC Services BV by "falsely" showing them as 'grants' so as to avoid attracting FEMA provisions which require government approval or to say the RBI.

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