FEMA Authority Penalizes NewsClick, Founder Purkayastha ₹184 Crore
The adjudication proceedings were initiated on a complaint under Section 16 of FEMA filed by the ED alleging contraventions of FEMA and the rules and regulations pertaining to the receipt and utilisation of foreign funds
The adjudicating authority under the Foreign Exchange Management Act (FEMA) has levied a penalty of ₹184 crore against PPK Newsclick Studio Private Limited. The Enforcement Directorate stated that Prabir Purkayastha, founder and director of the digital news platform NewsClick, was found responsible for the company's business conduct during the relevant period. Consequently, he was held liable under Section 42 of FEMA.
This penalty highlights regulatory scrutiny over foreign exchange dealings by media organizations in India.
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