Monday, 17 January, 2022

Topic: FEMA

ED seizes funds worth Rs 107 crore of Chinese-controlled loan app firm over FEMA violation

ED came across the case during an ongoing money laundering probe against a number of NBFCs & FinTech companies that are linked to instant personal loan-providing mobile applications.

ED slaps Rs 10,600-crore notice to Flipkart, its founder over alleged forex violations

The show cause notice was issued to 10 people including Flipkart founders Sachin Bansal & Binny Bansal. Flipkart said it's in compliance with Indian laws, including FDI regulations.

ED summons Punjab CM Amarinder’s son Raninder Singh in ‘foreign exchange violations’ case

Raninder Singh was earlier questioned in the FEMA case in 2016 and was asked to explain the alleged movement of funds to Switzerland and a trust in the British Virgin Islands.

ED seizes DMK MP Gautham Sigamani’s assets worth Rs 8.6 crore in FEMA violation case

The ED said it got information that Sigamani illegally acquired foreign security without RBI approval & contravened provisions of section 4 of the Foreign Exchange Management Act.

Amnesty International India to challenge govt order freezing its accounts in Karnataka HC

While Amnesty said it was halting all operations in India due to govt's 'witch-hunt', MHA has said action was taken because the human rights body was receiving funds illegally.

ED probes private company linked to Amnesty International India over proceeds worth Rs 51cr

The ED is investigating two entities, the Amnesty International India Pvt Ltd and Indians for Amnesty International Trust.

Amrapali Group violated forex laws, laundered funds worth over Rs 55 crore, finds ED

The ED found at least seven 'contraventions' under FEMA and wants JP Morgan, a US-based investment banking firm, to be legally directed to remit funds worth about Rs 140 crore.

Election Commissioner Ashok Lavasa’s son quits job over ED probe, wife to resign as well

Abir and Novel Lavasa are said to have taken the decisions in the ‘larger interest of the firms they serve’.

Turmoil in India’s audit sector as ‘lapses’ lead to crackdown on Big 4

With more cases of fraud and financial mismanagement coming to the fore over the last few years, audit firms have increasingly come under scrutiny.

Rahat Fateh Ali Khan issued show cause notice in foreign exchange violation case

In 2011, Pakistani singer Rahat Fateh Ali Khan and his manager were intercepted at the Delhi airport for allegedly carrying an undeclared amount of $1.24 lakh.

On Camera


RBI proposes changes to valuation of bank investments, relaxing of investment class rules

A Reserve Bank of India discussion paper Friday suggested removing caps on the Held-To-Maturity class of securities, and allowing more types of instruments to be held within them.


A visual from the crash site in Tamil Nadu. | Photo: Twitter/ANI

CDS chopper crash was caused by weather change, leading to Controlled Flight Into Terrain: IAF

In Friday statement, IAF says tri-service Court of Inquiry ruled out mechanical failure, sabotage or negligence as cause of accident involving Mi-17 V5 helicopter last month.
Illustration by Soham Sen | ThePrint

Read my lips, I’m hurting, says Pakistan’s National Security Policy. What it means for India

The new policy is mostly chaff, but it reveals the most inward-looking Pakistan in 3 decades. It needs breathing space, and is realising loss of stature and friendship with US.