Report by March 31; banks' gold coin sales, wealth management biz also under scanner.
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.
Ppolitical experts in Colombo said the ministers came under intense pressure from the public over the government's alleged "mishandling" of the economic crisis, triggered by the shortage in the foreign exchange reserve.
IPL team Rajasthan Royals was slapped with a penalty notice of approximately Rs 100 crore by the Enforcement Directorate (ED) for alleged violation of forex laws, a move which comes barely two months before the sixth edition of the high-profile league gets underway.
Janne-Mette Johansson, a Norwegian national on a tourist visa, came under the scanner of Bureau of Immigration authorities over her suspected participation in an anti- Citizenship Amendment Act protest in the Kochi three days ago.
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.
More than 750 eminent citizens, including historian Romila Thapar, economist Jean Dreze and actor Naseeruddin Shah, on Wednesday came out in support of a news website which is alleged to have received dubious funds to spread Chinese propaganda.
The Enforcement Directorate has registered a money laundering case against sacked CWG Organising Committee Chairman Suresh Kalmadi in connection with financial dealings during the 2010 Commonwealth Games.
ED had claimed that Mallya was summoned on four occasions for questioning in connection with a contract signed in December 1995 with London-based firm Benetton Formula Ltd for promotion of the Kingfisher brand abroad.
The court, however, made it clear that he could remain out of the country for 30 days only and he will have to attend the proceedings in Foreign Exchange Regulation Act violation cases, in which he allegedly owed over Rs 9.65 crore as penalty to the Enforcement Directorate.
The Enforcement Directorate has slapped notices against yoga guru Ramdev and his two trusts for alleged violations of foreign exchange laws.
The duo had approached the court when the government body refused to provide all documents collected by it in the oil-for-food scam.
Jack Ma, China's billionaire and founder of e-commerce giant Alibaba, has travelled to Europe for an agriculture study tour, his first trip abroad since he ran into trouble with the Chinese government last year over violating anti-monopoly regulations.
Report says SEZs had resulted in a revenue loss of Rs. 1,971.39 crore.
Debt-ridden firm Reliance Capital on Monday objected to the proposed 33.12 per cent stake sale of Prime Focus Ltd (PFL) by Credit Suisse to PFL's promoter group at Rs 44.15 per share. Anil Ambani's Reliance Group company Reliance Capital in a statement termed the proposed transaction as a blatant abuse of the purported rights by Credit Suisse under certain lending agreements with the RCAP Group. However, Reliance Capital did not share the details of the "blatant abuse of the purported rights".
The Directorate of Enforcement is investigating Ringing Bells, the company which has launched smartphone for Rs 251, for alleged contravention of FEMA.
In further trouble for the sacked IPL Commissioner Lalit Modi, the government may seek his deportation to make him join the probe into the alleged violation of foreign exchange laws in the conduct of Twenty20 cricket tournaments.
Alleging breach of contract and intended violation of the Foreign Exchange Act, the Indian Hockey Confederation (IHC) has requested the Reserve Bank of India to stop payment of US $500,000 by the 2010 World Hockey Cup organisers to the International Hockey Federation (FIH).
The Mumbai Customs Air Intelligence Unit has detained four persons at the Mumbai airport for violating the Foreign Exchange Regulation Act norms as they carried digital phone memory cards worth Rs 52 lakhs.
Amid a row between Goa government and Nigerians, Goa MP Shantaram Naik on Friday claimed that Nigerians misuse educational schemes, violate Foreign Exchange Management Act and indulge in drug trade in the state.
Airports and other entry points across the country have been alerted by the Enforcement Directorate to detain sacked Indian Premier League chairman Lalit Modi, who is under probe for alleged violation of foreign exchange regulations in connection with the Twenty20 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 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.
The ED started probing Modi in 2009.
The US had initiated investigation against Infosys and its larger rival Tata Consultancy Services (TCS) for possible violations of H-1B visa rules in June.
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.
As many as 15 multi-national firms like Nokia, Sony, Samsung and Ericsson have been found guilty of violating foreign exchange regulations and a penalty of over Rs 42 crore (Rs 420 million) has been imposed on them.
The Supreme Court on Thursday came down heavily on the Centre for failing to crack the whip on black money hoarders and ordered forthwith reinstatement of three key ED officials allegedly transferred midway into the probe in a case of foreign exchange law violation by Pune businessman Hasan Ali Khan.
Among the Sensex firms, Tata Motors jumped over 3 per cent. Tech Mahindra, Infosys, HCL Technologies, Axis Bank, Mahindra & Mahindra, ICICI Bank, UltraTech Cement and Kotak Mahindra Bank were the other major gainers. NTPC, Asian Paints, Titan and Power Grid were among the laggards.
The 1984-batch IRS officer was otherwise to remain in office till November 18, 2023, according to the notification issued by the government.
Jose Barreto was arrested by the customs authorities in Kolkata for carrying dollars in excess of the permissible.
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.
Startup founders need to sit up and think about how not to take stardom for granted and how not to disappoint their fans who have stood in long queues for those precious selfies with popular entrepreneurs, notes Nivedita Mookerji.
A plea has been filed in the Supreme Court for initiation of contempt proceedings against the Securities and Exchange Board of India (SEBI), alleging it has violated the timeline for completing the investigation and submitting its report on the allegations of stock price manipulation by the Adani group. An application has been filed by PIL petitioner Vishal Tiwari saying that despite the deadline given to the SEBI it has failed to comply with the direction of the court and has not submitted the final conclusion/report as was directed by the court. It said by the order dated May 17, 2023, the apex court directed SEBI to submit its report till August 14, 2023.
The Supreme Court on Friday asked the Securities and Exchange Board of India (SEBI) what the capital markets regulator intends to do for ensuring the protection of investors from extreme volatility in the stock market.
The organisation said it had been compelled to let go of staff in India and pause all its ongoing campaign and research work.
Chinese Foreign Minister Qin Gang reiterated that the situation at the India-China border is generally stable and both sides should consolidate the present achievements and strictly abide by the relevant agreements while pushing for further cooling and easing of the conditions for sustainable peace and tranquillity at the frontier.
Two players were arrested on charges linked to violation of foreign exchange laws.
More than a dozen entities, both domestic and foreign, had come under the regulatory glare over alleged short-selling before and after the publication of the Hindenburg research report against Adani Group, two people familiar with the development said. The Securities and Exchange Board of India (Sebi), which is examining the rise in stock values of Adani Group in the past few years, is also scrutinising the trade data and trade pattern of these entities allegedly involved in short-selling and made significant profit. Enquiries in the trade pattern of these entities reflected a profit of over Rs 30,000 crore, pre- and post-Hindenburg saga, said one of the two people.
A Delhi court has issued notice to liquor baron Vijay Mallya on ED's plea seeking to withdraw the exemption granted to him from personal appearance in a case for allegedly evading summons in connection with purported violation of foreign exchange rules.
