Page 2 - Fema

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RBI imposes penalty on HDFC Bank, Bank of America for violating FEMA norms

RBI fined HDFC Bank, a leading private sector bank, for accepting deposits from non-residents and flouting RBI's directions under the Liberalised Remittance Scheme of FEMA, 1999

ED seizes over Rs 65 cr of Venkateshwara Hatcheries in FEMA probe

Nine properties worth more than Rs 65 crore of prominent hatchery company-- Venkateshwara Hatcheries Pvt Ltd-- have been seized under the foreign exchange law for allegedly making illegal foreign remittances to purchase a 90-acre house in the UK, the Enforcement Directorate said on Monday. The seized assets are located in Maharashtra and Karnataka and the ED case, being probed under the provisions of the Foreign Exchange Management Act (FEMA), pertains to these remittances made by the company from 2011 to its wholly-owned subsidiary named Venky's Overseas Limited (VOL), UK. The total value of these properties is Rs 65.53 crore, according to the ED. Venkateshwara Hatcheries Pvt Ltd (VHPL), the agency said in a statement, had declared the business of VOL to the RBI as agriculture and mining (rearing of ducks, hens etc). After the incorporation of the VOL, the VHPL remitted "huge funds" in the guise of equity infusion. "However, no such business activity was ever initiated by VOL eve

3,110 money laundering, 12K FEMA cases registered by ED in last 3 yrs: Govt

The Enforcement Directorate has registered 3,110 cases under the anti-money laundering law and over 12,000 complaints to probe alleged foreign exchange violations over the last three years, the government informed Parliament on Monday. Minister of State for Finance Pankaj Chaudhary told Lok Sabha in a written reply that the ED has recorded cases on the basis of a "risk-based robust mechanism" under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, 1999 (FEMA). The number of cases recorded under the PMLA in 2020-21 was 981, during 2021-22, it rose to 1,180 and there were 949 cases during 2022-23, he said in the reply. The total money laundering cases registered in these three years stand at 3,110. Similarly, the federal agency booked 2,747 cases under the FEMA during 2020-21; 5,313 during 2021-22; and 4,173 cases in 2022-23. So a total of 12,233 FEMA cases were registered by the ED in the last three years. He also gave t

Anil Ambani's wife Tina appears before ED in connection with FEMA case

Tina Ambani, the wife of Reliance ADA Group Chairman Anil Ambani, on Tuesday appeared before the Enforcement Directorate (ED) here for questioning and recording her statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Anil Ambani had recorded his statement in the case on Monday under sections of the Foreign Exchange Management Act (FEMA) and he is expected to appear before the federal agency again later this week for completion of the exercise. The investigation against the couple pertains to the possession of certain alleged undisclosed assets abroad and linked movement of funds, the sources said. Anil Ambani's alleged links to some offshore companies based in Jersey, British Virgin Islands and Cyprus are under the probe scanner of the ED. He had been questioned by the agency in 2020 in a money laundering case against Yes Bank promoter Rana Kapoor and others. In August last year, the income-tax ...

FEMA case: Reliance ADA Group chairman Anil Ambani appears before ED

Reliance ADA Group Chairman Anil Ambani on Monday appeared before the Enforcement Directorate (ED) here in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Ambani, 64, deposed at the office of the federal agency in the Ballard Estate area to record his statement in the case, registered under various sections of the Foreign Exchange Management Act (FEMA), they said. Further details of the case in which Ambani was summoned were not immediately known. The industrialist had appeared before the ED in 2020 in a money laundering case against Yes Bank promoter Rana Kapoor and others.

Top headlines: Show-cause notice to Xiaomi, worried Byju's investors & more

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FEMA authority slaps show-cause notices on Xiaomi, 3 foreign banks

According to the ED, the company started operations in India in 2014 and began remitting money in 2015. It has remitted money to three foreign entities, including one of its group units

ED issues notices to Xiaomi, 2 senior executives for FEMA violations

The federal probe agency had seized Rs 5,551.27 crore worth of funds of Xiaomi Technology India Private Limited lying in its bank accounts under the FEMA for unauthorised remittance

ED raids on foreign-registered online gaming portals at 25 locations

The federal probe agency said the raids led to the finding that these online gaming companies and websites were registered in small island countries like Curacao, Malta and Cyprus

Changes in FEMA rules to bring parity in treatment of overseas spending

The finance ministry on Thursday said the changes in FEMA rules, which brings overseas international credit card spending under RBI's liberalised remittance scheme (LRS), are intended to bring in parity in tax treatment of remittances using debit and credit cards. The ministry said since credit card spending overseas has now been brought under LRS, such remittances would be liable to tax collected at source (TCS) at applicable rates. If the TCS payee is a taxpayer, he or she can claim credit and adjust it against his/her I-T or advance tax liability. The Union Budget 2023-24 had hiked TCS rates to 20 per cent, from 5 per cent currently, on overseas tour packages and funds remitted under LRS (other than for education and medical purposes). The new TCS rates will come into effect from July 1, 2023. A day after amending the Foreign Exchange Management (Current Account Transaction) Rules, the ministry issued a list of FAQ (frequently asked questions) detailing the reasons for inclusion

ED initiates FEMA investigation against BBC India; calls staffers for probe

The Enforcement Directorate (ED) has registered a case under FEMA against BBC India for alleged foreign exchange violations and called its staffers for questioning following which a deputy managing editor of the broadcasting company deposed on Thursday, official sources said. The action by the central agency comes nearly two months after the Income-Tax department surveyed the office premises of the British Broadcaster in Delhi and Mumbai in February. According to officials, the case under the provisions of the Foreign Exchange Management Act (FEMA) was registered nearly two weeks ago to essentially probe purported foreign direct investment (FDI) violations by the company and related instances. The ED has called for documents and the recording of statements of some company executives and a team of lawyers representing the company has already submitted some financial documents last week, they added. There was no immediate reaction from the broadcaster. Reacting to the ED action, ...

Only 3% PMLA cases have been against politicians: Enforcement Directorate

Probe agency registered 5,906 cases under the criminal from 2005 till Jan 2023, its data shows

'In CIF/CFR contracts, the seller bears risk of variation in freight rates'

'As long as you expect to realise the CIF/CFR value of the goods and declare it correctly in your shipping bill/EDF, there is no violation under FEMA'

ED attaches Rs 936 cr as proceeds of crime, arrests 5 for crypto fraud

The enforcement directorate has attached Rs 936 crore proceeds of crime and arrested 5 five persons related to crypto currency fraud, Parliament was informed on Monday. Further, under the Foreign Exchange Management Act, 1999 (FEMA), assets amounting to Rs 289.28 crore have been seized and one show cause notice to cryptocurrency exchange Zanmai Labs Pvt Ltd, known as WazirX, and its directors has been issued for transactions involving cryptocurrencies worth Rs 2,790 crore. In a written reply to a question in the Lok Sabha, minister of state for finance Pankaj Chaudhary said the Enforcement Directorate is investigating several cases related to cryptocurrency frauds wherein a few crypto exchanges have also been found involved in money laundering. "As on January 31, 2023, proceeds of crime amounting to Rs 936 crore have been attached/seized/freezed, 5 persons have been arrested and 6 prosecution complaints (PCs) including 1 supplementary PC have been filed before the Special Court, PML

NRIs can repatriate funds from sale of two houses, say experts

For property bought as resident or inherited, up to $1 mn can be sent each year

Xiaomi rejects speculation over India operations being moved to Pakistan

Rumours started with a portal's tweet that the Chinese cellphone manufacturer may shift its operations from India to Pakistan after its assets worth $676 million were seized

Karnataka HC declines relief to Xiaomi India over Rs 5,551-cr asset freeze

The competent authority, formed under the Foreign Exchange Management Act, 1999 (FEMA), confirmed the order of the ED to seize the assets of the smartphone company on September 19.

ED order to seize Rs 5.5K cr from Chinese mobile firm Xiaomi gets approval

FEMA, which checks foreign exchange violations, requires that the appeals against seizure orders be heard only by an authority appointed by the Centre

Xiaomi case: FEMA authority confirms ED's seizure order of Rs 5,551.27 cr

The order has been issued under section 37A of the FEMA against Xiaomi Technology India Private Ltd, the federal agency said in a statement.