The RBI said it has come to its notice that some Indian banks have committed certain lapses while buying or selling real estate and taking or letting out property on lease or rentals in some places in foreign countries, it said in a notification on Thursday.
India's fair trade regulator Competition Commission of India (CCI) has launched a formal investigation against India's biggest paints firm, Asian Paints, for alleged abuse of its dominant position in the organised decorative paints market, following a complaint by Aditya Birla group's Grasim Industries' Birla Opus Paints division.
The guidelines have been prepared in line with the National Education Policy (NEP) 2020 that has envisioned that top universities in the world will be facilitated to operate in India.
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.
A multibagger stock multiplies its original investment several times, delivering returns of 100%, 200%, or even higher. The excitement of finding such wealth creators is undeniable, but the process of identifying them is far from simple. It requires a careful blend of research, patience, and the right set of tools.
Clarity to help operationalise the controversial FDI policy of 2009.
While liquidity in the banking system has turned surplus in the last few weeks, it could go back to deficit again, mainly due to corporate advance tax outflows. The net liquidity surplus of the banking system rose to touch Rs 1 trillion on Tuesday on the back of government spending, according to the data released by the Reserve Bank of India.
The Jane Street-Sebi saga is more than a legal dispute -- it's a litmus test for India's ambitions as a global financial hub.
The investigation under FEMA was taken up by ED based on a reference received from RBI to investigate advance remittances received by certain entities for the purchase of the shares of Tamil Nadu Mercantile Bank through escrow mechanism maintained with Standard Chartered Bank, Mumbai.
The competent authority under the Foreign Exchange Management Act (FEMA) has approved an order of seizure of over Rs 5,551 crore worth of deposits of Chinese mobile phone manufacturer Xiaomi -- the highest amount frozen till date in India -- the ED said Friday. The agency charged the popular Chinese phone maker with remitting foreign currency equivalent to Rs 5,551.27 crore to three entities -- one Xiaomi Group company and two US-based unrelated entities -- in the guise of royalty. The Enforcement Directorate (ED) had first issued the order of seizure of these bank deposits on April 29 under the FEMA and later sent it for approval of the competent authority, as required under the law that regulates foreign exchange violations in the country.
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.
Report by March 31; banks' gold coin sales, wealth management biz also under scanner.
The CBI, in its letter, said the matter was 'analysed' by the agency and it 'revealed violations of RBI guidelines and FEMA regulations'.
The Enforcement Directorate (ED) is proposing a penalty on German sportswear giant Adidas' subsidiary Reebok India for alleged violations of the Foreign Exchange Management Act (Fema).
Foreign institutional investors are likely to be debarred from taking part in initial public offerings of stock exchanges, while foreign direct investment may be permitted even in pre-IPO stage.
Vikram Lamba was carrying 13000 pounds and electronic and luxury items worth lakhs.
The actor has been asked to be present before the adjudicating authority of the case here on August 23, they said.
The Enforcement Directorate has begun a probe into the source of alleged foreign funds received in the accounts of journalist Syed Mohd Ahmad Kazmi arrested in connection with the bomb attack on an Israeli embassy vehicle.
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.
A recent public interest suit in the Supreme Court over foreign direct investment (FDI) in retail may have thrown the industry into a tizzy, but lawyers, constitutional experts and government officials indicate the multi-brand retail FDI policy is unlikely to get derailed over Fema.
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.
Petition, filed by a lawyer, is likely to be heard next week.
Left to move motions entailing vote; NDA to rally parties against FDI move; DMK keeps suspense alive on its stance.
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.
The Enforcement Directorate on Saturday said it has searched the Bengaluru-located office and residential premises of Edtech major BYJU's and its CEO and co-founder Raveendran Byju and seized 'incriminating' documents and digital data as part of a foreign exchange violation probe.
This money was found wrapped in newspapers and was concealed in their check-in baggage.
The government on Wednesday said it is contemplating relaxing norms governing external commercial borrowings to enable Indian corporates access higher foreign capital at low cost.
Pakistani sufi singer Rahat Fateh Ali Khan was questioned on Friday by the Directorate of Revenue Intelligence officials for allegedly carrying $ 1.24 lakh (about Rs 60 lakh) of undeclared foreign currency.
The government on Thursday said the Enforcement Directorate is probing alleged violation of FDI regulations by cash and carry chain Walmart.
The Centre on Wednesday told the high court that the enforcement directorate was investigating the alleged investment of American retail giant Walmart in Indian companies, in violation of the provisions of the Foreign Exchange Management Act.
The government has sought to put an end to the ambiguities in the implementation of Press Notes 2 and 4, which significantly relaxed foreign direct investment (FDI) guidelines, with the Commerce Ministry requesting the Reserve Bank of India (RBI) to make changes in the Foreign Exchange Management Act (FEMA) to operationalise the guidelines. The direction from the government follows a number of references and queries from investors.
Alleged Hawala kingpin Naresh Kumar Jain, arrested by the the Narcotics Control Bureau, was booked on Tuesday under the Prevention of Money Laundering Act by the Enforcement Directorate. The Directorate, which had in September booked Jain under the Foreign Exchange Management Act, is likely to seek his remand soon.
The Reserve Bank of India has said Indian companies merging with overseas firms will continue to be treated as entities resident in the country under the Foreign Exchange Management Act (FEMA). There is no provision for such a merger under the current Companies Act. But a Bill to amend the Act tabled in the Budget session of Parliament proposes to allow Indian companies to merge with overseas companies, under section 205, a move that could introduce greater flexibility in
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 company has recently sent a detailed reply to the agency as part of communication to notices sent to it earlier under the Foreign Exchange Management Act, official sources said.
Earlier, the Reserve Bank of India was the approving authority.
The federal agency issued a summons to Vaibhav Gehlot (43) last week, asking him to appear before the investigating officer of the case at its headquarters on A P J Abdul Kalam Road here under the provisions of the Foreign Exchange Management Act.
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.
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