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.
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.
The Reserve Bank has notified that all transfer of stake or interest in an oil and gas field to non-residents will be treated as FDI and will have to be reported under Foreign Exchange Management Act (FEMA).
This misleading information claims remittance of such funds by overseas entities to banks in the country.
The FIPB referred the matter to the law ministry today.
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.
Market watchers believe that the change in guidelines fly in the face of some of the recent initiatives taken by the government, such as easing norms for foreign portfolio investors.
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.
The money-laundering case was filed by the ED after taking cognisance of a CBI FIR against the accused, whom the latter agency had booked for alleged violations of the Foreign Contribution (Regulation) Act (FCRA), 2010 and under section 120B (criminal conspiracy) of the Indian Penal Code.
Sources in the Directorate said on Wednesday that a notice will be served to Kumar after a decision was taken to lodge a complaint under Foreign Exchange Management Act against him after the CBI handed over some documents showing investments made by the doctor abroad, especially Canada.
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.
Former Indian Premier League commissioner Lalit Modi on Tuesday said he has presented his reply to the show cause notice from the Enforcement Directorate (ED), with regard to the Foreign Exchange Management Act, claiming he cannot be held responsible for any wrongdoings since he had no 'cheque signing powers' during his stint as the chief of the Twenty20 tournament.
The Supreme Court on Wednesday asked the Centre to consider setting up a special court to deal with the Rs 1.76 lakh crore 2G spectrum scam.A bench of justices G S Singhvi and A K Ganguly said there was a need for a special court in view of the magnitude of the offence as otherwise the objective of the prevention of Corruption Act and Foreign Exchange Management Act could not be achieved.
The Enforcement Directorate, which is investigating possible violations of the Foreign Exchange Management Act by some former UBS employees, has written to the UK's Financial Services Authority, seeking details of the alleged misuse of accounts of Anil Dhirubhai Ambani Group-controlled Reliance Energy and Reliance Natural Resources.
Jose Barreto was arrested by the customs authorities in Kolkata for carrying dollars in excess of the permissible.
"The Reserve Bank of India, has today once again clarified that remittance in any form towards participation in lottery schemes is prohibited under the Foreign Exchange Management Act, 1999," RBI said in a release.
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.
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.
The Supreme Court on Wednesday directed self-proclaimed godman Chandraswami to deposit Rs 25 lakh within a week as the first part of penalty in several Foreign Exchange Management Act violation cases registered by the enforcement directorate.
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 data said the ED filed a total of 176 Enforcement Case Information Reports (ECIRs), equivalent to a police FIR, against existing and ex MPs, MLAs and MLCs which comes to 2.98 percentage of the total 5,906 such complaints filed since the law came into being.
Goyal was questioned by the Serious Fraud Investigation Office on Thursday in Mumbai in connection with allegations of some financial irregularities.
Bollywood singer Adnan Sami, who has been facing trial in a matrimonial dispute, has been asked by the Enforcement Directorate (ED) to furnish documents regarding eight luxurious flats owned by him in suburban Andheri.
The finance ministry is seeking to speed up deals with outside investors.
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
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.
The ED had initiated proceedings against the two for alleged violation of FEMA.
The Union finance ministry on Thursday issued a clarification on the changes in FEMA rules which brings overseas international credit card spending under the RBI's liberalised remittance scheme (LRS). Here's how it affects you.
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 duo had approached the court when the government body refused to provide all documents collected by it in the oil-for-food scam.
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 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.
