Fema

The amount of attachment by the investigation agency reached its highest level ever, with a near 2.5-fold time increase over the previous year, as the agency investigated 461 cases

ED fines Rs 3.44 crore penalty on BBC India for FEMA breach, penalizes three directors ₹1.15 crore

This action follows earlier financial investigations into BBC India, intensifying scrutiny of foreign media entities operating in the country. The ED’s probe stemmed from a show-cause notice issued on August 4, 2023, to BBC WS India, its directors, and the finance head.

FEMA changes may bolster Rupee, say analysts

On Thursday, the RBI allowed non-residents to open Rupee accounts overseas to pay for Indian imports.

India may allow foreign investors from specific countries to raise capital in rupees

A senior government official said that allowing a resident foreign investor from a specific country to raise capital in India to invest in that nation is under discussion

Govt, RBI mull giving e-commerce players up to 15 months for FX payment realisation

Easing the RBI's FEMA guidelines in this regard would benefit e-commerce players which, in addition to selling directly to consumers, also export goods, store them in warehouses abroad, and sell them after a year or more

Exclusive: Govt likely to decriminalise provisions in 5 Acts administered by RBI

Decriminalising these provisions will help the government to replace many offences that involve imprisonment with just a monetary penalty to boost its ease-of-doing-business initiatives.

Overseas listing: RBI notifies amended FEMA regulations

International stock exchanges at GIFT-IFSC – India International Exchange and NSE International Exchange – have been prescribed as permitted stock exchanges.These exchanges are under the regulatory supervision of the International Financial Services Centres Authority (IFSCA)

MC Explainer: What's all the fuss around RBI's Jan 5 circular on currency-derivatives trading?

Traders and brokerages believe that the RBI move will kill a market segment that has taken more than a decade to build.

ED summons former Kerala finance minister Thomas Isaac in KIIFB masala bonds case

ED summons Kerala CPI(M) leader Thomas Isaac for FEMA case linked to alleged financial violations in KIIFB during his tenure.

RBI releases draft licensing framework for authorised persons under forex law

The central bank said comments or feedback on the draft framework are invited from all stakeholders till January 31, 2024.

Byju's says ED notice flags delay in filing annual reports, queries technical in nature

The fines prescribed for such discrepancies are nominal, adds Byju's. The company says that no case has been made for violation of FDI rules

ED confirms notice to Byju's and its founder for FEMA violations of Rs 9,362 crore

This comes hours after the company issued a swift denial following reports, saying that it has not received any notice from the Enforcement Directorate.

ED alleges Rs 9,000 crore FEMA violation by Byju's, company issues denial

CNBC-TV18 reported on November 21 that the notice was sent to the parent company Think and Learn Pvt Ltd (TLPL) and the founder Byju Raveendran.

Pandora Papers leak: ED seizes over Rs 36-cr worth asset of Goa miner's son

Rohan is the son of Goa-based miner Radha Timblo, the agency said in a statement.

VCs in wait-and-watch mode as startups brace for second-order impact of ED searches at Byju’s offices

Since the ED has not filed any direct allegation against the company, shareholders may not be immediately worried. “But the fact that founder and CEO Byju Raveendran is evasive is worrying. That raises questions. Is he hiding something? This might be concerning them,” said an investor

Byju's CEO defends company's adherence to foreign exchange laws in wake of ED raid

Byju’s founder said that the company is funded by over 70 investors, who have done due diligence on their operations, which includes FEMA compliance. “We are confident that the authorities will also come to the same conclusion,” he said.

Karnataka HC upholds seizure of Rs 5,551 crore from Xiaomi for FEMA violation

The Enforcement Directorate (ED) had seized the amount from the company’s account and this was upheld by the Competent Authority. Xiaomi had challenged the Competent Authority’s order in the HC.

ED initiates FEMA investigation against BBC India; calls its staffers for questioning

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.

ED files FEMA case against BBC India

The federal probe agency has also called for documents and the recording of statements of some company executives under provisions of the Foreign Exchange Management Act (FEMA), they said.

News Highlights: PM Modi dials UK PM Rishi Sunak

News Today Highlights: Prime Minister Narendra Modi holds a telephone conversation with UK's Prime Minister Rishi Sunak. The leaders review progress on a number of bilateral issues, particularly in trade and economic sectors.

I-T dept to come out with modified valuation norms for taxing foreign investments in unlisted companies

The Finance Bill, 2023 has proposed amending Section 56(2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held companies, excepting DPIIT-recognised startups, under the tax net.

Rupee transactions by SPD-related entities to be reported to CCIL’s trade repository from January 1: RBI

The rule will be effective January 1, 2023. Earlier, in August this year, RBI had decided to allow SPDs to offer all forex market-making facilities to users, as currently permitted to Category-I Authorised Dealers.

Xiaomi slams 'baseless' reports of moving India operations to Pakistan

Earlier in April, the Indian government had seized Xiaomi's assets worth Rs 5,551.27 crore for allegedly violating FEMA rules and transferring money in the guise of royalty to three companies outside India.

Xiaomi approaches Karnataka HC again over seizure of assets

In a petition filed on October 3, the company has challenged the September 29, 2022 order of the Foreign Exchange Management Act (FEMA) Competent Authority which confirmed the April 29 seizure order of the Enforcement Directorate (ED).

Xiaomi cites royalty dues to Qualcomm to justify 84% of Rs 5,551 crore haul by ED

The ED, under the Foreign Exchange Management Act (FEMA), has approved an order of seizure of over Rs 5,551 crore worth of deposits of Chinese mobile phone manufacturer Xiaomi -- the highest amount frozen till date in India.