Foreign Exchange Management Act

Non-disclosure of foreign property invites Rs 10 lakh penalty per year

Rental income from a foreign property is taxed under the head "Income from House Property". This income must be declared in the Foreign Source Income schedule of the ITR

RBI adds 13 more entities in 'alert list' of unauthorised forex trading

The Reserve Bank on Tuesday updated the 'Alert List' of unauthorised forex trading platforms by adding 13 more entities, including TDFX and Inefex, taking the total to 88. The Alert List contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. Some entities in the list are Ranger Capital, TDFX, Inefex, YorkerFX, Growline, Think Markets, Smart Prop Trader, FundedNext, Weltrade, FreshForex, FX Road, DBG Markets, and Plusonetrade. RBI said the Alert List also contains names of entities/platforms/websites which appear to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services. This list is not exhaustive, it added. Further, an entity not appearing in the list sh

Fintech major Paytm denies reports on violation of foreign exchange rules

On Monday, media reports quoting sources claimed that the Enforcement Directorate (ED) was investigating if platforms run by OCL were involved in violations of FEMA

BBC to launch new firm for Indian language services in adherence with rules

The broadcaster is under scrutiny for alleged foreign exchange violations in India and an investigation was launched shortly after tax authorities searched BBC's offices in Delhi and Mumbai in Feb

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

ED files FEMA case against BBC India for foreign exchange violations

The probe is essentially looking at purported foreign direct investment (FDI) violations by the BBC India, sources said

ED attaches assets worth Rs 305.84 crore of Joyalukkas Pvt Ltd under FEMA

Directorate of Enforcement (ED) has attached assets worth Rs 305.84 crore of a private firm under section 37A of the Foreign Exchange Management Act, 1999 for violation of section 4 of the Act.

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

Rupee trade with few nations may start, internationalisation will take time

Negotiations are on with Russia, Cuba and Sudan among others to do so. Officials are hopeful that Saudi Arabia, UAE and Luxembourg would also come on board

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

Forex reserves fall $6.7 bn to $564 bn in 7 days, at 2-yr low: RBI

The central bank has been selling dollars in the foreign exchange market aggressively to curb any sharp fall in the rupee, which is one of the main reasons for the reserves to fall

ED now raids CoinSwitch Kuber, firm says engaging with all stakeholders

The Enforcement Directorate (ED) on Thursday searched the premises of leading crypto exchange CoinSwitch Kuber for alleged Foreign Exchange Management Act (FEMA) violations

Nearly half of investigations under FEMA were pending till 2021-22

Issuance of show cause notices as a proportion of investigations has declined in 2018-19

Sebi board may clear decks for FPI entry into commodity derivatives segment

The long-awaited move is aimed at boosting liquidity and efficiency at domestic commodity bourses, even as concerns remain if this would make markets more volatile

Karnataka HC extends stay on ED order seizing Xiaomi India assets

The ED froze Xiaomi's accounts on April 29 alleging that it has violated the Foreign Exchange Management Act by illegally transferring money abroad to three companies under guise of royalty payments

SME Chatroom: Purpose of shipping mark to enable package to be identified

If an LC specifies the details of a shipping mark, the documents mentioning the marks should show these details; additional information is acceptable provided it is not in conflict with the LC terms

Top headlines: Infosys Q4 net rises 12%; PV sales dip nearly 4% in March

Infosys' revenue grew 22.7 per cent to Rs 32,276 crore in the quarter from Rs 26,311 crore in the year-ago period

ED summons Xiaomi global vice-president Manu Kumar Jain in forex case

It's learnt that ED had initiated its discreet inquiry in February under the Foreign Exchange Management Act (FEMA) and found evidence of remittances involving a significant amount

RBI tweaks FEMA regulations, gives wings to recycling of aircraft

Till now, export of planes in knocked-down condition was not allowed

Showing declared value on 'Bill of Lading' not mandatory, says expert

Rule 3 of the Rules Relating to the Bill of Lading (BL) set out in the Schedule to the Carriage of Goods by Sea Act, 1925, does not mandate that the value of the goods should be mentioned in the bill