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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : FEMA

ED imposes Rs 100 Cr fine on Standard Chartered for FEMA breach
Posted Date : 12-Sep-2020 , 10:30:21 am | Posted By CASANSAAR

The Enforcement Directorate (ED) has imposed penalties of Rs 100 crore on Standard Chartered Bank, Rs 17 crore on Tamil Nadu Mercantile Bank Limited (TMBL) and Rs 35 crore on MGM Maran, then chairman and director of TMBL after finding them in contravention of provisions of Foreign Exchange Managemen...

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Category : FEMA | Comments : 0 | Hits : 522

Investments by NRIs as FDI and in stock changes as per FEMA
Posted Date : 28-Jul-2017 , 10:12:42 pm | Posted By CASANSAAR

Non-Resident Indians (NRIs) can invest in India as per the following regulation of Foreign Exchange Management (Transfer or issue of Security by a person resident outside India) Regulations, 2000 dated May 3, 2000 as amended from time to time:   As per Regulations 5(1), NRIs may invest i...

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Category : FEMA | Comments : 0 | Hits : 555

RBI slaps fine on 5 foreign banks for violating FEMA
Posted Date : 21-Dec-2016 , 08:50:01 pm | Posted By CASANSAAR

The Reserve Bank today imposed penalty on five foreign banks, including Deutsche Bank and Standard Chartered Bank, for violation of its instructions on reporting requirements of the FEMA. The three other banks are: Bank of America, Bank of Tokyo Mitsubishi and The Royal Bank of Scotland. RBI s...

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Category : FEMA | Comments : 0 | Hits : 864

Immunity from FEMA for disclosures in black money window
Posted Date : 06-Jul-2015 , 08:35:50 pm | Posted By CASANSAAR

Holding out an olive branch, the government today said persons using special window to declare assets abroad will be given immunity from prosecution under FEMA, Prevention of Money Laundering Act and four other laws.  Also, persons not being informed of prior information with government on t...

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Category : FEMA | Comments : 0 | Hits : 748

Introduction of Real Estate Investment Trusts (REITs) as an eligible financial instrument / structure under FEMA
Posted Date : 07-May-2015 , 08:07:56 am | Posted By CASANSAAR

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to allow the Real Estate Investment Trusts (REITs) as an eligible financial instrument / structure under the Foreign Exchange Management Act (FEMA) 1999.  The approval is expected to enable foreign in...

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Category : FEMA | Comments : 0 | Hits : 661

30 yrs on, CA firm owner convicted in foreign currency smuggling case
Posted Date : 24-Feb-2014 , 08:45:15 am | Posted By CASANSAAR

A senior chartered accountant from Ahmedabad was sentenced to 6 months in prison and fined Rs 2.5 lakh for trying to smuggle US dollars worth Rs 46 lakh - almost 30 years after the trial had begun.  Ashutosh Nanavaty and co-accused Chandrakant Amin had been arrested by the Customs in March 198...

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Category : FEMA | Comments : 0 | Hits : 1272

More steps to help rupee: RBI limits foreign exchange outflows by resident Indians
Posted Date : 14-Aug-2013 , 08:20:04 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday announced measures to reduce foreign exchange outflows byresident Indians in the latest of a slew of measures intended to support the battered rupee."The present set of measures is aimed at moderating outflows," the RBI said in a ...

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Category : FEMA | Comments : 0 | Hits : 354

Enforcement Directorate probing any FEMA violation by Bharti-Walmart
Posted Date : 30-Apr-2013 , 07:48:33 pm | Posted By CASANSAAR

Government today said Enforcement Directorate (ED) is investigating alleged violation of foreign exchange regulation by cash and carry chain Bharti-Walmart.   "On the basis of a reference received from Reserve Bank of India, ED has taken appropriate action to investigate alleged contravention...

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Category : FEMA | Comments : 0 | Hits : 364

Government will carry through FEMA notification on FDI in retail in Parliament, says Kamal Nath
Posted Date : 03-Dec-2012 , 05:40:33 am | Posted By CASANSAAR

The Parliamentary Affairs Minister, Mr. Kamal Nath has expressed confidence that the Government will be able to carry through the Federal Emergency Management Agency (FEMA) notification dealing with the FDI in retail in both Houses of Parliament. He said he is confident of his numbers and has good r...

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Category : FEMA | Comments : 0 | Hits : 269

Govt plans to bring FDI in multi-brand this month
Posted Date : 11-Sep-2012 , 09:26:23 am | Posted By CASANSAAR

The government is set to allow global super markets, such as Wal-Mart, Tesco and Carrefour, later this month to set up stores, ending the national ban on FDI in multi-brand retail. A government source said requesting anonymity that the new policy framework - allowing up to 49%  foreign direct ...

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Category : FEMA | Comments : 1 | Hits : 392

Govt announces new FDI norms for FIIs
Posted Date : 10-Apr-2012 , 07:54:50 pm | Posted By CASANSAAR

The government today announced new Foreign Direct Investment, FDI norms for Foreign Institutional Investors, FIIs. Under the new norms, FIIs can now invest up to 23 per cent in commodity exchanges without seeking prior approval of the government. The Department of Industrial Policy and Promotion, DI...

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Category : FEMA | Comments : 0 | Hits : 462

Foreign funding tougher for retailers; new norm to hinder Indian brands
Posted Date : 29-Mar-2012 , 08:02:11 am | Posted By CASANSAAR

A new norm stipulating that only the 'owner of the brand' can invest in Indian retailers selling goods under a single brand threatens to derail their overseas fund-raising plans. The Foreign Investment Promotion Board, the nodal agency that clears investments entering India, is considering the...

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Category : FEMA | Comments : 0 | Hits : 309

ED registers case against Baba Ramdev
Posted Date : 01-Sep-2011 , 02:12:32 pm | Posted By CASANSAAR

Yoga guru Ramdev and his Haridwar-based trusts have been booked by the Enforcement Directorate in a case of alleged foreign exchange violation, official sources said today. The ED registered the case on the basis of a report from the RBI and inputs from abroad on "suspicious" financia...

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Category : FEMA | Comments : 0 | Hits : 610

ED ‘probing' alleged forex violations by Bharti Airtel
Posted Date : 17-Aug-2011 , 08:00:51 am | Posted By CASANSAAR

The Minister of State for Finance, Mr Namo Narain Meena, told the Rajya Sabha on Tuesday that the Directorate of Enforcement (ED) has initiated enquiries against Bharti Airtel about alleged contraventions of the Foreign Exchange Management Act (FEMA). The Minister also said that the market regula...

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Category : FEMA | Comments : 0 | Hits : 389

Black money case: ED charge sheets Hasan Ali, Tapuriah for money laundering
Posted Date : 06-May-2011 , 07:44:31 am | Posted By CASANSAAR

The Enforcement Directorate today chargesheeted Pune-based stud farm owner Hasan Ali Khan and his associate Kashinath Tapuriah in a case of alleged money laundering. Khan (53), is alleged to have stashed huge amount of black money abroad including over USD 8 billion in the Union Bank of Switzerl...

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Category : FEMA | Comments : 0 | Hits : 404

Govt clears 21 FDI proposals
Posted Date : 03-May-2011 , 09:19:06 pm | Posted By CASANSAAR

The government has cleared 21 foreign direct investment, proposals worth 1,027 crore rupees. According to a Finance Ministry's statement a total of 47 FDI proposals were taken up by the Foreign Investment Promotion Board, in a meeting held on 20th of last month. The Board deferred decisions on 17 ap...

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Category : FEMA | Comments : 0 | Hits : 510

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