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.
The Reserve Bank on Thursday relaxed norms for overseas investment by Indian corporates by raising their borrowing limit.
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
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.
'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.
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.
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.
'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.
The chargesheet names 14 accused, including the Congress leader's son Karti Chidambaram, Peter Mukherjea and Indrani Mukerjea.
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.
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.
Jaitley said, RBI will decide by assessing market situation
Here's a closer look at the showcause notices issued to Lalit Modi
Continuing his stand that Congress vice-president Rahul Gandhi had taken British citizenship to set up a company in the United Kingdom, Bharatiya Janata Party leader Subramanian Swamy on Wednesday said that he will ask the Enforcement Directorate to register an FIR against the former.
The approvals would be handled independently by administrative ministries of different sectors.
To check black money menace, the Cabinet on Tuesday approved a new bill that would give more powers to the tax department in tracking illicit wealth stashed abroad and provide for strict penal actions for such offence.
The government on Friday modified FDI policy allowing unlisted companies to directly list on stock exchanges abroad to raise funds for acquisitions or retiring overseas debts, a move which may help India in containing high current account deficit.
The Centre on Friday said it was taking steps to extradite Lalit Modi and a Red Corner notice may soon be issued against him.
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Top sources in RBI blamed 'unwarranted rumours' about controls on foreign institutional investors' money to the nearly 770 point drop in the benchmark Sensex and rupee dipping to its lowest levels.
The London Commercial court has granted Tata Sons a period of 23 days, starting July 27th 2016, to apply to set aside the exparte order
Ramnik Narsey, the new chief, had joined the retail giant in May 2013.
Frozen mutual funds and shares worth Rs 86.72 crore belong to Choksi and his group, and the rest are owned by the Modi group.
'If the RBI liability is extinguished and they no longer remain legal tender, then those Rs 500 and Rs 1,000 notes are worthless paper.' 'Then why should it be a criminal offence to keep that paper?'
The Enforcement Directorate moved a special court in Mumbai on Monday seeking issuance of a non-bailable warrant (NBW) against former Indian Premier League chief Lalit Modi in alleged money laundering case registered against him.
RBI has cited "legal impediments" in sharing the reports.
The Supreme Court on Wednesday said that the money likely to be arranged by Sahara Group from overseas to raise Rs 10,000 crore (Rs 100 billion) for the release of its jailed chief Subrato Roy would come into the country only after necessary clearances by RBI.
The issue will now have to be resolved through arbitration.
Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes, Finance Minister Arun Jaitley introduced a bill to amend the income tax law.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
Rescue work has intensified in Texas with officials launching search operations as desperate residents remain stranded without food and water.
A bench headed by Chief Justice P Sathasivam said the issues raised in the plea need 'examination' and issued notice to the Centre, RBI, Central Board of Direct Taxes, the Institute of Chartered Accountants of India, PwC and the audit firms sharing its brand name.
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