Foreign portfolio investors (FPIs) are likely to seek from the finance ministry a six-month extension of the date for complying with the amendments to the Prevention of Money-Laundering Act (PMLA), citing implementation challenges. Sources said FPIs, through their custodians, were planning to approach the ministry, highlighting key concerns and seeking more clarification. The ministry, through a notification on March 7, lowered the threshold for reporting ultimate beneficial ownership (UBO) for non-profit organisations and politically exposed persons to 10 per cent from 25 per cent.
If the account in a foreign bank has income undisclosed to income tax authorities, or has funds from illegal sources, the account can be declared illegal, under the Fema.
Eight Indian soldiers, who lost their lives while serving in United Nations peacekeeping operations last year, are among 106 military, police and civilian personnel to be posthumously awarded a prestigious UN medal this week for their courage and sacrifice in the line of duty.
Of the 700-odd Indians having foreign bank accounts, not all can be deemed to be operating these illegally.
New regime places more limits on unregulated foreign entities
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