In late July, India’s Enforcement Directorate (ED) filed a formal complaint under the Foreign Exchange Management Act against Simpl, a Buy Now Pay Later (BNPL) service provider, for alleged violations of foreign direct investment (FDI) norms. The ED’s press release asserts that Simpl is carrying on business activities (allowing customers to buy products from partner merchants and pay for them later in instalments) which fall under financial service activities and that Simpl