Paytm Faces Rs 47 Lakh Fine For Unpaid Stamp DutiesPaytm Faces Rs 47 Lakh Fine For Unpaid Stamp Duties

One97 Communications Ltd, parent firm of Paytm was fined ₹47.1 lakh for not paying stamp duty on share allotments from previous years, impacting its finances minimally.

Paytm’s stock saw a rise of 3.7% in early trading, although it slightly declined to a 3.3% increase by mid-morning.

Earlier in the year, Paytm Payments Bank faced RBI action for KYC non-compliance, leading to a ban on new deposits and significant management changes, including the exit of COO Bhavesh Gupta.

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Paytm recently introduced the ‘Paytm NFC Card Soundbox’, a device facilitating both NFC and QR payment processing for offline merchants, enhancing payment versatility.

Amid ongoing regulatory challenges, Paytm faces repeated fines for failing to meet stamp duty payments linked to ESOPs, highlighting ongoing compliance issues within the company.