Establishments from Hong Kong and Macau will require prior approval of the Reserve Bank to set up business or related activities in India.
According to the data available on the Reserve Bank of India's website, net workers' remittances in April-June 2018 were $11.5 billion
Even as illegal purchase of land violating Foreign Exchange Management Act (FEMA) is haunting Goa government, an ad hoc committee was told that the state can restrict the sale of land to foreign nationals under Foreigners Rule, 1946.
Bollywood singer Adnan Sami, who has been facing trial in a matrimonial dispute, has been asked by the Enforcement Directorate (ED) to furnish documents regarding eight luxurious flats owned by him in suburban Andheri.
Exporters involved in legal disputes with several private sector banks over foreign exchange derivative deals are now accusing the latter of violating the Foreign Exchange Management Act guidelines. Around 50 exporters in various states including Tamil Nadu, Andhra Pradesh, Karnataka and Punjab have taken private banks like ICICI Bank, Axis Bank, Yes Bank, Kotak Mahindra Bank and HDFC Bank to court over foreign exchange derivative deals.
Jose Barreto was arrested by the customs authorities in Kolkata for carrying dollars in excess of the permissible.
The best way to invest in gold is in a staggered manner, to take benefit of any sharp corrections that could come in it.
It is learnt that Pandove had applied for indemnity under Rule 34 of BCCI constitution where the organisation pays on behalf of the member if he is slapped with a penalty while discharging his function.
The initiative could help a large number of the alleged FERA violators get away with just financial penalties instead of criminal charges. The government's advisory, informed sources said, will not apply to all the cases as the RBI will decide on a case-to-case basis.
Show-cause notice has been issued to M/s Advantage Strategic Consulting Private Limited, its directors and also to Karti P Chidambaram who appears to be the controller and ultimate beneficiary in these transactions, the ED said in its notice.
Sources in the Directorate said on Wednesday that a notice will be served to Kumar after a decision was taken to lodge a complaint under Foreign Exchange Management Act against him after the CBI handed over some documents showing investments made by the doctor abroad, especially Canada.
The Reserve Bank of India (RBI) has advised the public not to succumb to the temptation of fictitious offers of large funds through e-mails from unknown entities.The RBI clarified that under FEMA restrictions on transfer of funds also apply to lottery-like schemes functioning in different names such as money circulation scheme or remittances for the purpose of securing prize money/awards etc.
One of the finest minds on foreign exchange management, monetary and fiscal policies, on debt and currency markets, on bank management and governance, and indeed on almost every aspect of modern finance and banking passes into the ages.
FinMin had, recently, notified changes in FDI rules that made prior approval of the government mandatory for foreign investments from countries that share a land border with India. Hong Kong was ranked 14th on the list of countries with FDI flows to India, contributing $4.2 billion between April 2000 and December 2019, the data from DPIIT shows. India received FDI worth $2.34 billion from China in the same period.
The FIPB referred the matter to the law ministry today.
The ED had initiated proceedings against the two for alleged violation of FEMA.
When contacted, Raninder said said he has nothing to hide and was willing to cooperate on the issue.
It has registered 2,000-plus money laundering cases and about 12,000 forex violation ones in the 14 years since it was established. Yet, its probes have resulted in no more than 13 convictions from nine cases of money laundering since 2005.
The duo had approached the court when the government body refused to provide all documents collected by it in the oil-for-food scam.
Foreign institutional investors are likely to be debarred from taking part in initial public offerings of stock exchanges, while foreign direct investment may be permitted even in pre-IPO stage.
Days after he became famous after pictures of him with Bharatiya Janata Party's prime ministerial candidate Narendra Modi were released, the Enforcement Directorate has filed a fresh First Information Report against Afroz Fatta, who was arrested last month in Surat in connection with an alleged hawala racket to the tune of Rs 700 crore, on money laundering charges.
The government on Wednesday said it is contemplating relaxing norms governing external commercial borrowings to enable Indian corporates access higher foreign capital at low cost.
To send a notice under money laundering law.
The foreign agency has claimed four accounts held by the Jindals.
Market watchers believe that the change in guidelines fly in the face of some of the recent initiatives taken by the government, such as easing norms for foreign portfolio investors.
The MHA said all the "glossy statements" about humanitarian work and speaking truth to power are nothing but a "ploy to divert attention" from their activities which were in clear contravention of laid down Indian laws.
Unless Dr Urjit Patel starts clearing the balance sheets of banks, the investment cycle will not start. Unless the clog in the drain is cleared, further lending cannot happen. If further lending doesn't happen, the investment cycle also will not happen, writes M R Venkatesh.
Senior Congress leader Anand Sharma on Wednesday denounced the Modi government's decision to allow 100 per cent foreign direct investment in defence sector by easing norms, saying the prime minister was working under pressure from the United States and his party would oppose it in Parliament.
Remittances by artists and for advertisements, royalty payments, purchase of trademarks, commission to real estate agents and health insurance from abroad would no longer require RBI clearance.
This money was found wrapped in newspapers and was concealed in their check-in baggage.
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