The adjudicating authority under the Enforcement Directorate's (ED) has slapped a penalty of Rs 230.40 crore penalty on global accounting firm PricewaterhouseCoopers (PwC) and six others for violating the Foreign Exchange Management Act (FEMA) norms. PwC was held guilty of violation of section 10(6), 6(2), 6(3) and 9(b) of the FEMA, 1999 for receiving investments in the guise of purported grants in non-permitted sector without the Reserve Bank of India's (RBI) approval.
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