Page 3 - Fema

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.

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