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foreign exchange management act

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Finance minister Nirmala Sitharaman.(HT photo)

Draft norms soon for overseas listing of Indian companies

Livemint, Mumbai | By Jayshree P Upadhyay
UPDATED ON SEP 09, 2020 03:46 AM IST
Currently, a company incorporated in India can list on a foreign stock exchange only after it is listed in India. MakeMyTrip, which is listed on Nasdaq, had to incorporate itself in Mauritius to facilitate overseas listing without going public in India.
File photo of Jet Airways’ founder Naresh Goyal.
File photo of Jet Airways’ founder Naresh Goyal.

ED books Jet Airways’ Naresh Goyal, his wife in alleged money laundering case

Hindustan Times, Mumbai | By HT Correspondent
UPDATED ON MAR 05, 2020 07:40 AM IST
Naresh Goyal was earlier probed by ED under the Foreign Exchange Management Act (FEMA) for alleged violations of foreign direct investment (FDI) norms.
ED sources stated that they have identified illegal foreign holdings amounting to contravention of Section 4 of the Foreign Exchange Management Act, 1999 (FEMA).(HT FILE PHOTO.)
ED sources stated that they have identified illegal foreign holdings amounting to contravention of Section 4 of the Foreign Exchange Management Act, 1999 (FEMA).(HT FILE PHOTO.)

Illegal foreign holdings under ED scanner for FEMA violations

Hindustan Times, Mumbai | By Pratik Salunke
UPDATED ON FEB 01, 2020 05:51 PM IST
On January 17, the ED conducted searches at premises linked to former chief engineer of the Brihanmumbai Municipal Corporation (BMC) and recovered incriminating documents of a property based in Dubai. The agency has not disclosed the name of the former BMC officer as investigations are underway.
Rashesh Shah, chairman and chief executive officer of the Edelweiss Group, outside ED office in Mumbai, on Wednesday.(HT Photo)
Rashesh Shah, chairman and chief executive officer of the Edelweiss Group, outside ED office in Mumbai, on Wednesday.(HT Photo)

Edelweiss Group chairman Rashesh Shah appears before ED in forex scam case

Hindustan Times, Mumbai | By Pratik Salunke
UPDATED ON JAN 15, 2020 06:43 PM IST
The ED is probing a firm named Capstone for forex violations. Edelweiss has denied any link to Capstone.
Officials said the company, along with other notices, received investments from PwC BV by “falsely” showing them as ‘grants’ so as to avoid attracting provisions of FEMA, which require approval of the government or the Reserve Bank of India.(HT image)
Officials said the company, along with other notices, received investments from PwC BV by “falsely” showing them as ‘grants’ so as to avoid attracting provisions of FEMA, which require approval of the government or the Reserve Bank of India.(HT image)

PwC gets ~230-cr penalty notice for ‘FEMA violations’

New Delhi | By Press Trust of India
UPDATED ON SEP 14, 2019 03:55 AM IST
The ED had taken over the probe against the firm on direction of the Supreme Court which asked it to look into the affairs of the company from the point of view of FEMA.
The Enforcement Directorate conducted searches on Friday at the premises of Jet Airways founder Naresh Goyal in connection with a case of alleged contravention of the foreign exchange law.(REUTERS)
The Enforcement Directorate conducted searches on Friday at the premises of Jet Airways founder Naresh Goyal in connection with a case of alleged contravention of the foreign exchange law.(REUTERS)

ED conducts raids at Jet founder Naresh Goyal’s premises

New Delhi/Mumbai | By HT Correspondents
UPDATED ON AUG 24, 2019 01:41 AM IST
They said the searches are being carried out under the provisions of the Foreign Exchange Management Act (FEMA) and are aimed at gathering additional evidence.
The action was taken under the provisions of Section 37A of Foreign Exchange Management Act, 1999 (FEMA) in lieu of foreign assets illegally held abroad in contravention of Section 4 of FEMA.(PTI Image)
The action was taken under the provisions of Section 37A of Foreign Exchange Management Act, 1999 (FEMA) in lieu of foreign assets illegally held abroad in contravention of Section 4 of FEMA.(PTI Image)

ED seizes Rs 86.38 cr assets of Hyderabad-based software tech park

New Delhi | By HT Correspondent
UPDATED ON JUL 31, 2019 06:54 PM IST
The action was taken under the provisions of Section 37A of Foreign Exchange Management Act, 1999 (FEMA) in lieu of foreign assets illegally held abroad in contravention of Section 4 of FEMA.
Singer Rahat Fateh Ali Khan has denied the “bizarre” claims made by the Enforcement Directorate.(Hindustan Times)
Singer Rahat Fateh Ali Khan has denied the “bizarre” claims made by the Enforcement Directorate.(Hindustan Times)

Rahat Fateh Ali Khan denies receiving any notice from Enforcement Directorate

Hindustan Times | By Samarth Goyal
UPDATED ON JAN 30, 2019 04:05 PM IST
Singer Rahat Fateh Ali Khan has denied the “bizarre” claims made by the Enforcement Directorate.
Singer Rahat Fateh Ali Khan(HT File Photo)
Singer Rahat Fateh Ali Khan(HT File Photo)

Enforcement Directorate issues notice to Pakistani singer Rahat Fateh Ali Khan under foreign exchange Act

New Delhi | By HT Correspondent
UPDATED ON JAN 30, 2019 11:07 AM IST
The Directorate of Revenue Intelligence had in 2011 slapped charges under FEMA and Customs Act violation against Khan and his manager Maroof in connection with recovery of huge undeclared foreign currency from them.
Nepal has asked the RBI to declare newly circulated Indian currency notes of denominations higher than Rs 100 legal tender in the country.(REUTERS)
Nepal has asked the RBI to declare newly circulated Indian currency notes of denominations higher than Rs 100 legal tender in the country.(REUTERS)

Nepal writes to Reserve Bank of India to declare new Indian currency notes legal

Kathmandu | By Press Trust of India
UPDATED ON JAN 07, 2019 10:00 AM IST
The Nepal Rastra Bank (NRB) has written a letter on Friday to the Reserve Bank of India, asking it to make Indian bank bills Rs 200, Rs 500 and Rs 2,000 legal tender in Nepal, The Himalayan Times reported.
The petition has asked for initiation of legal proceedings against the two e-commerce giants under the Foreign Exchange Management Act for alleged violation and circumvention of FDI.(AFP)
The petition has asked for initiation of legal proceedings against the two e-commerce giants under the Foreign Exchange Management Act for alleged violation and circumvention of FDI.(AFP)

Plea claims FDI violation by Flipkart and Amazon, HC seeks Centre’s reply

New Delhi | By Press Trust of India
PUBLISHED ON JUL 30, 2018 10:34 PM IST
The plea has claimed that Amazon and Flipkart have created multiple entities to circumvent the FDI norms and route the hot-selling stock at cheaper rates.
The Enforcement Directorate (ED) initiated the action under the provisions of the Foreign Exchange Management Act (FEMA).
The Enforcement Directorate (ED) initiated the action under the provisions of the Foreign Exchange Management Act (FEMA).

ED seizes Rs 20.87 crore assets of Dabur’s Pradip Burman in probe of HSBC black money list

Press Trust of India, New Delhi | By Press Trust of India
PUBLISHED ON MAY 22, 2018 03:08 PM IST
ED said the assets were seized after it was found that Burman deposited $32.12 lakh in his account with HSBC bank in Zurich in Switzerland and that he “did not” show this amount in his IT Returns filed during 2007-08 despite declaring it to the taxman that this was his earning.
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