Mumbai, June 9 (IANS) The Reserve Bank of India (RBI) has issued compounding orders under Section 15 of Foreign Exchange Management Act, 1999 (FEMA), in the separate cases of Joinmay Electronic Private Limited and Universal Biofuels Private Limited, which has resulted in the termination of investigation against the two companies for contraventions of provisions of the act, according to a press statement issued by the Directorate of Enforcement (ED).The order in each case has been passed by the R…
Latest FEMA News & Updates
New Delhi, June 9 (IANS) IPO-bound quick commerce platform Zepto has disclosed in its updated draft red herring prospectus (UDRHP) that its founders — Aadit Palicha and Kaivalya Vohra — received summons from the Directorate of Enforcement (ED) in April under proceedings linked to the Foreign Exchange Management Act (FEMA), 1999.According to the updated filing submitted to the Securities and Exchange Board of India (SEBI), the ED sought information and documents related to the company and its p…
New Delhi, June 3 (IANS) The Reserve Bank of India (RBI) has issued a compounding order under Section 15 of the Foreign Exchange Management Act, 1999 (FEMA), in the case of Jusda India Supply Chain Management Private Limited with a one-time payment of Rs 12,52,984. This has resulted in the termination of proceedings against the company for compounded contraventions of provisions of FEMA, 1999, according to a statement issued by the Enforcement Directorate (ED) on Wednesday.The order has been pas…
New Delhi, June 2 (IANS) The Enforcement Directorate (ED) has conducted searches at two premises linked to the Vedanta Group in Delhi and Mumbai as part of an investigation under the Foreign Exchange Management Act (FEMA), senior agency officials said on Tuesday.According to officials, the searches, which have concluded, are related to alleged “brand fee payments made by group entities to their parent company”.The probe agency collected documents and records linked to the alleged transaction…
New Delhi, May 9 (IANS) The Enforcement Directorate (ED) again conducted raids at the residence of Punjab Cabinet Minister Sanjeev Arora in Sector 2, Chandigarh on Saturday morning, with around 20 vehicles and heavy security personnel deployed during the operation.According to ED sources, the agency is carrying out search operations at four premises linked to Sanjeev Arora and his associates under the Prevention of Money Laundering Act, 2002. The searches are being conducted across Chandigarh an…
New Delhi, April 17 (IANS) Aam Aadmi Party’s (AAP) Rajya Sabha member, Raghav Chadha, on Friday greeted Harivansh on beginning his third term as the Deputy Chairman of the Upper House. “As the recently removed Deputy Leader of the Aam Aadmi Party, I thank you for giving me the opportunity to speak and to congratulate Harivansh Ji on beginning his third innings as the Deputy Chairman of the Rajya Sabha,” Chadha said.”In his previous term, my personal equation with Harivansh Ji was ‘khatta-meetha’…
New Delhi, April 17 (IANS) Aam Aadmi Party National Convenor, Arvind Kejriwal, on Friday said that this was the second Enforcement Directorate (ED) raid on an AAP leader’s premises within just three days, raising questions over the intent behind such actions. He also asked how much ‘black money’ had been recovered in the raids by the central agency. Former Delhi Chief Minister, Arvind Kejriwal, took to social media ‘X’ and said, “This is the second ED raid on an Aam Aadmi Party leader’s premis…
New Delhi, April 2 (IANS) The Reserve Bank of India (RBI) has issued a compounding order on February 20 this year under Section 15 of the Foreign Exchange Management Act (FEMA), 1999, in the Rs 4.1 crore case filed against Vikram Mundlur, which has resulted in the termination of adjudication proceedings against him for contraventions of provisions of FEMA, 1999. The order has been passed by the RBI after issuance of a “no objection” statement by the Enforcement Directorate (ED) which was investi…
New Delhi, March 12 (IANS) The Reserve Bank of India (RBI) issued a compounding order, on February 10, under the Foreign Exchange Management Act, 1999 (FEMA), in the case of Metrocorp Infrastructure Limited, which has resulted in termination of adjudication proceedings against the company for contraventions of provisions of the law, according to an official statement issued on Thursday.The order has been passed by the RBI after issuance of “No Objection” by the Directorate of Enforcement (ED).Th…
Ahmedabad, Feb 25 (IANS) The Enforcement Directorate’s (ED) Ahmedabad Zonal unit conducted searches at nine locations in Ahmedabad on Wednesday, targeting the premises of Anas Group and its associated partners, officials said. The group is involved in the processing, packaging, and manufacturing of tobacco products under the brand names “Amber Tobacco”, “Umda Tobacco”, and “Sama Filter Khaini”.The action was taken under the provisions of the Foreign Exchange Management Act (FEMA), …