Fema

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.

ED freezes OctaFx Trading's bank balance of Rs 21.14 cr under FEMA

The Enforcement Directorate said it has frozen the bank balance to the tune of Rs 21.14 cr of OctaFx and related entities in the case of illegal online forex trading through international brokers

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

After FEMA penalty, ED files chargesheet against Amnesty India, linked orgs

The Enforcement Directorate filed a money-laundering chargesheet against Amnesty India and a few other entities, a day after the agency imposed a penalty of over Rs 61 crore against the global NGO

ED slaps Rs 51 cr penalty on Amnesty India, Rs 10 cr on ex-CEO Aakar Patel

The Enforcement Directorate said the show cause notice of penalty was issued as the funds received "violated" Foreign Exchange Management Act provisions

ED issues notices to CoinSwitch, CoinDCX; seeks info under FEMA case

A few firms, including CoinSwitch and CoinDCX dealing in cryptocurrency have been asked by the Enforcement Directorate (ED) to submit some documents in connection with an ongoing case of the FEMA

New reporting requirements for companies put onus on auditors

Auditors to certify that transactions are not violative of PMLA/FEMA rules, according to ICAI guidelines

Govt amends FEMA rules to allow 20% foreign direct investment in LIC

The government has amended rules of the Foreign Exchange Management Act (FEMA), paving the way for up to 20 per cent foreign direct investment in the insurance behemoth LIC.

ED issues Rs 7,272 cr FEMA notice to BSE-listed company

The agency, in a statement, said the company and its board of directors made "serious lapses" as regards mandatory requirements

Joe Biden extends FEMA coronavirus aid for states through July 1

Biden, a Democrat, first signed an order directing FEMA to cover 100 per cent of state emergency costs related to the coronavirus on his second day in office through September 2021

Seizure of Rs 288-cr funds of Chinese-owned NBFC ordered

The NBFC was providing instant personal micro-loans through its mobile application called 'Cashbean' for suspicious foreign outward remittances, says ED

Centre orders multi-agency investigation into Pandora Papers leak

I-T dept may evoke Black Money Act; ED to examine FEMA violation

ED cracks whip on NBFCs, fintechs over high-cost micro loans, shady deals

Attaches amount of Rs 106 crore of non-banking company PC Financial under FEMA