If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
Few proposals included in the Finance Bill would not help ease liquidity concerns in the economy, say RBI officials.
This follows an investigation into alleged violations of foreign exchange rules involving foreign direct investment of Rs 85 crore and Rs 140 crore by JP Morgan India and Amrapali Group firms.
"Thanks to the profound commitment of our citizens, we have flattened the curve and countless American lives have been saved. Our country is now in the next stage of the battle. A very safe, phased and gradual reopening of our country," Trump said.
The president said the European Union has "failed to take the same precautions" as his administration had implemented to contain the coronavirus outbreak.
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.
To send a notice under money laundering law.
The storm has wrecked havoc, killing at least 60 people and costing up to $180 billion (Rs 11,542 crore).
The ED has attached assets to the tune of Rs 9,003 crore and filed 173 charge sheets in the financial year 2014-15.
Those taking up a job abroad should notify their bank about the change in status and open appropriate NRI accounts
The duo had approached the court when the government body refused to provide all documents collected by it in the oil-for-food scam.
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.
A former Indian ambassador to Iraq has said this to the ED.
This money was found wrapped in newspapers and was concealed in their check-in baggage.
The Reserve Bank of India (RBI) allowing the use of put options in investment agreements has brought needed clarity but it has come with strict restrictions. These could impact investors looking for a minimum rate of return, experts say.
The government on Tuesday said it is not considering imposing tax on foreign institutional investors to curb volatility in the stock markets.
In relief to former Board of Control for Cricket in India president Shashank Manohar, the Bombay high court on Wednesday quashed and set aside a notice issued by the Enforcement Directorate directing him to appear before the agency over allegations of foreign exchange violations in the 2009 Indian Premier League, held in South Africa.
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.
The Enforcement Directorate on Wednesday said it has arrested two persons in Chennai for alleged illegal exchange of Rs 6 crore in old notes "in connivance with" sand-mining baron J Sekhar Reddy as part of its money laundering probe post demonetisation.
'That would be ridiculous and uncharacteristic of the PM.' 'It is also not how things happen in illiberal States.' 'In such places, lower-level functionaries of every rank and hue seek to ingratiate themselves with the highest authority by going pell-mell after dissenters and outsiders,' points out Mihir S Sharma.
Three deaths have been reported and there are fears of more fatalities.
RBI has posted detailed instruction on its website clearly showing the eligibility conditions and other necessary documents required to be tendered for exchange of old currency notes
The Reserve Bank on Thursday relaxed norms for overseas investment by Indian corporates by raising their borrowing limit.
Sticking to the demand for the sacking of Chief Minister Vasundhara Raje over 'Lalitgate', Rajasthan Congress on Friday submitted a memorandum to Governor Kalyan Singh charging that her position has become "untenable" in view of the controversy.
The Board of Control for Cricket in India on Saturday refuted allegations that it violated India's foreign exchange regulations while conducting the second edition of the Indian Premier League in South Africa in 2009, insisting that all the payments were "bona fide and legitimate".
In yet another step to attract foreign money, the Reserve Bank of India (RBI) has allowed non-resident investors to acquire shares of listed Indian companies through stock exchanges under the foreign direct investment (FDI) scheme.
'These firms do not contravene provisions of Chartered Accountants Act, 1949, which bar members of the countries not allowing Indians to practice accountancy in their jurisdiction to become chartered accountants in India,' said the committee, headed by Anurag Agarwal, a joint secretary in the ministry of corporate affairs, and such Indian audit firms cannot be equated with multi-national corporations.
Vijay Mallya is accused of money laundering and violating the FEMA.
Radha Timblo, a Goa-based miner whose name figures in the black money list submitted in the Supreme Court, on Monday said she needs to study the government's affidavit before commenting on the issue.
The chargesheet names 14 accused, including the Congress leader's son Karti Chidambaram, Peter Mukherjea and Indrani Mukerjea.
Neither the foreign exchange, nor the gold, and certainly not the revaluation reserve should be available for spending by anyone. he revaluation account is simply not money. It is simply an accounting entry, says Rashmin C Sanghvi.
The ED is in the process of serving final penalty notices in 16 alleged forex violation cases amounting to an estimated Rs 1,700 crore against former IPL Chairman Lalit Modi and others as part of its wide-ranging probe in the alleged financial irregularities in various editions of the T-20 cricket extravaganza.
According to sources, the directorate has sent a letter to Flipkart on the basis of complaints received after the Big Billion Day sale on October 6.
The crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years.
Jaitley said, RBI will decide by assessing market situation
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