The federal agency said it conducted raids against a director of Zanmai Lab Pvt Ltd, which owns WazirX, on August 3 in Hyderabad and alleged he was "non-cooperative". The agency's probe against the crypto exchange is linked to its ongoing investigation against a number of Chinese loan apps (mobile applications) working in India.
Walmart-owned Flipkart on Thursday said the company is in compliance with Indian laws, including FDI regulations, and will cooperate with the Enforcement Directorate on the notice sent to the e-commerce major. The Enforcement Directorate (ED) has issued a show cause notice of Rs 10,600 crore to Flipkart and its promoters for alleged violation of the foreign exchange law, official sources said on Thursday. When contacted, Flipkart said it is in compliance with Indian laws and regulations, including FDI regulations.
When contacted, Raninder said said he has nothing to hide and was willing to cooperate on the issue.
The quizzing of the 48-year-old daughter-in-law of superstar Amitabh Bachchan and Samajwadi Party MP Jaya Bachchan comes weeks after her husband Abhishek Bachchan was questioned by the agency in another case emerging from the same set of papers linked to the offshore leaks case, they said.
The emergency in Washington DC will be effective from Monday till January 24.
The ED probe into alleged money laundering by crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the 'darker side' of cryptocurrencies, a top government source said on Thursday. The source added that people should exercise caution in absence of a regulation to govern cryptocurrencies and so-called exchanges trading in them. "Caution is the word that should be in the minds of the people dealing with crypto. "In the episode of WazirX, people got to know many darker sides, caution is necessary in crypto transaction," the source said.
The UGC chairperson stressed that foreign varsities with campuses in the country can only offer full-time programmes in physical mode and not online or distance learning.
The RBI on Monday asked banks not to approve any proposal of foreign law firms to open a branch office, project office or liaison office in the country under FEMA for the purpose of practicing legal profession. The RBI has issued a circular in this regard in view of a Supreme Court order wherein the apex court held that advocates enrolled under the Advocates Act, 1961 alone are entitled to practice law in India and foreign law firms or foreign lawyers cannot practice the profession of law.
The Enforcement Directorate (ED) on Tuesday conducted searches at 44 places across the country in a money laundering investigation against Chinese smartphone manufacturing company Vivo and related firms, officials said. The searches are being carried out under sections of the Prevention of Money Laundering Act (PMLA) at locations in several states including in Delhi, Uttar Pradesh, Meghalaya, Maharashtra and others. The agency is conducting searches at 44 places related to Vivo and associated companies, they said.
NRIs can repatriate the proceeds from the sale of a residential property in India, provided they meet a few conditions.
The Reserve Bank on Monday asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. Before putting in place this mechanism, banks will require prior approval from the Foreign Exchange Department of the Reserve Bank of India (RBI), the central bank said in a circular. "In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR," it said.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The net outward foreign direct investment went up from $9.1 billion in 2017-18 to $12.6 billion in 2018-19 and moved further north to $13 billion in 2019-20.
If the fear of ED could drive the powerful people of today to be honest or at least be minimally corrupt, will it not be a great thing for our nation?, asks Sudhir Bisht.
The ED was investigating the case for the alleged contravention of the Foreign Exchange Act (FEMA) in transferring over Rs 243 crore out of the country to host the 2009 IPL in South Africa.
Experts said the rules will help curb market manipulation and money laundering, which could take place during the transfer of shares between residents and NRIs.
Finance Minister Jaswant Singh said on Saturday that he has approved the draft Cabinet note for amending Foreign Exchange Management Act.\n\n\n\n
As the curtain comes down on 2022, Roshmila Bhattacharya flashbacks to some of the year's news-makers and events.
Bhargavi Zaveri & Radhika Pandey explains how complexities of foreign exchange rules are used by India Inc to dispute contractual obligations.
Goyal was questioned by the Serious Fraud Investigation Office on Thursday in Mumbai in connection with allegations of some financial irregularities.
The Directorate of Revenue Intelligence on Saturday slapped the charges of Foreign Exchange Management Act and Customs Act violation against Pakistani Sufi Singer Rahat Fateh Ali Khan and his manager Maroof in connection with recovery of huge undeclared foreign currency from them at the New Delhi airport.
The BCCI and its officials did not open a separate bank account in South Africa
About 300 fintech firms are under investigation by the ED for allegedly partnering 38 non-banking financial companies for predatory lending practices to charge borrowers high interest rates.
Opposition Bharatiya Janata Party and Left parties on Tuesday demanded separate debates with voting on Foreign Direct Investment in retail and related amendments in Foreign Exchange Management Act rules in Lok Sabha, but it was vociferously opposed by the government and rejected by Speaker Meira Kumar.
In her statement given to the police on Friday, Shetty said she did not know about the content of the app, nor did she interfere in her husband's business, police sources said.
This is because no prosecution complaint has been filed in any of these cases under the Black Money Act.
As per the Budget proposals, migration of a fund to a fund in IFSC will not be regarded as transfer if done on or before March 31, 2023. Transfer of units will be tax neutral. Grandfathered investments of the fund to continue to enjoy capital gains exemption on future sale by the IFSC fund. There is no impact on carry forward of losses for the investee company.
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.
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 government on Wednesday extended the tenure of Enforcement Directorate Director Sanjay Kumar Mishra by a year till November 18, 2022, days after the Centre brought ordinances to allow ED and Central Bureau of Investigation directors to occupy the office for up to five years.
Upset over alleged 'personal' remarks made against her, Samajwadi Party MP Jaya Bachchan on Monday lashed out at the ruling Bharatiya Janata Party in Rajya Sabha with a 'curse' that it will face bad days soon.
The FDI notification on multi-brand retail by the government will be valid only if amendments made by the Reserve Bank in the FEMA rules are approved by Parliament, the Confederation of All India Traders (CAIT) has said.
Scores of chartered accountants, company secretaries and cost accountants are currently under the regulatory scanner for alleged violations of the companies law with respect to setting up of certain Chinese companies and their subsidiaries in India, according to officials. The apex bodies of chartered accountants and company secretaries, ICAI and ICSI, have together received around 400 complaints on the issue and necessary actions have been initiated. The Institute of Cost Accountants of India has also initiated action against some of their members in the matter.
The Reserve Bank is working on a phased implementation strategy for its own digital currency and is in the process of launching it in wholesale and retail segments in the near future, RBI Deputy Governor T Rabi Sankar said on Thursday. He said the idea of Central Bank Digital Currency (CBDC) is ripe, and many central banks in the world are working towards it. Sankar further said CBDC is needed to protect consumers from the "frightening level of volatility" seen in some of the virtual currencies which have no sovereign backing.
The FIPB referred the matter to the law ministry today.
The Union Cabinet on Thursday approved a proposal to allow 100 per cent foreign direct investment (FDI) in public sector refiners, expanding the scope for FDI in the privatisation of Bharat Petroleum Corporation Ltd (BPCL). The approval by the Cabinet will enable the sale of the government's 52.98 per cent stake in BPCL to a foreign buyer, and, at the same time, will open the door for FDI in other public sector companies in the oil sector put up for privatisation.
The Enforcement Directorate, on Friday, issued a show-cause notice to actor Shah Rukh Khan, his wife Gauri, actor-friend Juhi Chawla and others for alleged loss of Rs 73.6 crore foreign exchange in a FEMA case related to the Indian Premier League.
Government is considering allowing authorised dealers to issue guarantees to overseas funds which could be used even for purchase of indigenous machinery for the textiles sector.
The move may release funds locked in government securities and add to liquidity. With inflation expectations lowered, this should not impact bond sentiment in the short run
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