The apex court asked Reserve Bank of India to amend Foreign Exchange Management Act regulations within two weeks to allow implementation of FDI in retail sector.
The RBI has also referred alleged violation of the Foreign Exchange Management Act to the Directorate of Enforcement for investigation in regard to both Bharti Wal-Mart and e-commerce venture Flipkart Online Services.
Emirates Telecommunications Corporation (Etisalat) has made a representation through the UAE government to request the Enforcement Directorate to withdraw a showcause notice over alleged violations of the Foreign Exchange Management Act (FEMA), insofar as it relates to the company and its directors on the board of its Indian joint venture Etisalat-DB Ltd. The UAE (United Arab Emirates) government owns 60 per cent of the Etisalat group.
The Supreme Court on Thursday said it will hear on July 20 the Amazon plea against the Delhi high court verdict which stayed the directive by its single-judge and paved the way for the multi-billion dollar deal to amalgamate Future Retail Ltd (FRL) with Reliance Retail. A bench of Justices R F Nariman, K M Joseph and B R Gavai was informed by senior advocate Harish Salve, appearing for the Future group, that a Singapore tribunal will commence hearing on the issue from July 12 and requested that the proceedings on the appeals be adjourned for a week. Senior advocate Gopal Subramanian, appearing for the US-based e-commerce giant, said he had no problem if the hearing on the appeals was adjourned by a week, as they will be busy next week before the tribunal.
Amazon has asked Sebi to suspend its review of the Rs 24,713 crore Future-Reliance deal and not grant a no objection certification on the ground that its challenge to the agreement was before the Delhi high court. E-commerce major Amazon has written to Sebi again, this time apprising it about the admission of its appeal before the division of the Delhi high court and urged the market regulator to suspend the review of the Future-Reliance Industries Ltd (RIL) deal. This is the eighth letter by Amazon to the Securities and Exchange Board of India (SEBI) chairman Ajay Tyagi since late October. Amazon has been opposing Future group's pact with billionaire Mukesh Ambani's RIL that was signed in August last year.
E-commerce major Amazon has written to Sebi yet again, apprising the market regulator of the formation of the arbitration tribunal at SIAC while urging it to suspend the review of the Rs 24,713 crore Future-RIL deal. It has also filed an appeal with the division bench of the Delhi high court against the December 21 order of the single member bench, according to sources.
Congress rebel Y S Jaganmohan Reddy, who was arrested by the Central Bureau of Investigation on Sunday after days of questioning in a DA case, is likely to be quizzed this week by the Enforcement Directorate in connection with the probe against him and others in an alleged money laundering and foreign exchange violations case.
Last October's circular meant that downstream investment by such funds by way of subscription or acquisition of shares would have been considered "indirect foreign investment" if their investment manager or sponsor is owned or controlled by a non-resident. The finance ministry has now said that mutual funds that invest more than 50 per cent in equity shall be omitted from the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.
If the actor agrees to come and convey his confirmation to the ED officials, than it would be his second round of questioning in FEMA case.
About Rs 1,282 crore has been levied as tax in 159 cases pertaining to concealment of tax due to the government
Such service providers were given time until the end of October to follow the law of the land.
The Enforcement Directorate has issued notice to the BCCI to explain transfer and routing of funds to the tune of Rs 1,600 crore in the conduct of the second season of Indian Premier League cricket tournament.
Enforcement Directorate has issued notice to the BCCI to explain transfer and routing of funds to the tune of Rs 1,600 crore in the conduct of the second season of Indian Premier League cricket tournament.
Last year in January at Amazon's flagship event Smbhav, Infosys Co-founder N R Narayana Murthy had to shorten his keynote speech from 20 minutes to about five because the event was delayed by 1.5 hours. "I will try to finish it in five minutes, because I am not used to delays," said Murthy, while addressing hundreds of micro, small and medium enterprises (MSMEs) about building businesses that last. In the audience was Amazon founder Jeff Bezos. Murthy referred to Bezos' prediction that the 21st century will be the Indian century. "That confidence enhances our enthusiasm," said Murthy. The relationship between Murthy and Bezos dates to 2014, when Prione, a 49:51 joint venture (JV) between Amazon and Murthy's venture capital company Catamaran, was formed.
In a letter to the Prime Minister, the Women of Big Bazaar SOS group said: "Future Retail and Reliance had entered into an arrangement through which Future's retail stores will continue to be operated by Reliance. Reliance has also committed to clear all debts and dues owed by Future Retail to suppliers and vendors."
Notification, FAQs likely after FM Jaitley returns from the US
The Enforcement Directorate has issued a show cause notice to the Board of Control for Cricket in India suspended IPL commissioner Lalit Modi for transfer of Rs 90 crore to the UK, in connection with its probe in alleged financial irregularities in the T20 cricket tournament.
It is time for the three finance ministers of the 1990s to reveal the real hero, says T C A Srinavasa-Raghavan.
Official sources said the ED will focus on the event managers and will also issue summons to them under the Foreign Exchange Management Act (FEMA) to explain how they got the foreign exchange that was paid to the singer.
Former Indian Premier League Commissioner Lalit Modi took to Twitter 'big time' on Wednesday after the Delhi high court ordered restoration of his passport, thanking the people who stood by him.
Illustrious international thinkers met at the Milken Institute Global Conference 2021 and many discussions addressed the impact of the COVID-19 pandemic on the world at large.
The government has initiated the process to safeguard buyers from online frauds.
The disclosures will enjoy immunity from wealth tax, civil and other taxation laws but there will be no immunity from FEMA, PMLA, narcotics and black money laws.
The Enforcement Directorate is likely to book former IPL chairman Lalit Modi under the stringent Prevention of Money Laundering Act, which gives the Directorate the power to arrest and attach properties.
Even as the Income Tax department is probing the financial dealings of the money-spinning Indian Premier League, the Enforcement Directorate (ED) will look into the alleged murky international deals of the Twenty20 tournament. Official sources said the Mumbai wing of the ED had conducted a discreet inquiry into the finances of Rajasthan Royals in 2008 and had prepared a report of alleged Foreign Exchange Management Act (FEMA) violations.
The government informed the Rajya Sabha on Thursday that Enforcement Directorate is looking into complaints of Foreign Exchange Management Act violations by Anil Dhirubhai Ambani Group, but no conclusion has been reached.
Banks will also have to seek borrower's status report from Central Economic Intelligence Bureau on the account turning NPA
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.
According to a report in the Daily quoting a senior administration official, there was a "tiny slice" of personal protective equipment left over.
If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
Under the EB-5 visa programme you can become a US citizen provided you invest $500,000 in an approved project and create targeted employment. But only 700 Indians can do so each year.
Few proposals included in the Finance Bill would not help ease liquidity concerns in the economy, say RBI officials.
Indian banks have started exploring opportunities in the space, including lending to crypto exchanges, and accepting bitcoins as collateral, among others.
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.
Till Monday, 43,734 confirmed cases of coronavirus were reported in the United States.
The duo had approached the court when the government body refused to provide all documents collected by it in the oil-for-food scam.
To send a notice under money laundering law.
A former Indian ambassador to Iraq has said this to the ED.
