Bhopal, July 23 (IANS) The Directorate of Enforcement (ED), Bhopal Zonal Office, has seized an immovable property worth Rs 3.67 crore in Jabalpur under the relevant provisions of the Foreign Exchange Management Act (FEMA), 1999, an official statement said on Thursday. The property, belonging to Priyank Mehta, was confiscated following findings of contravention of FEMA provisions.The action stemmed from specific inputs provided by the Income Tax Department and subsequent investigation by the ED.O…
Latest Foreign Exchange Management Act News & Updates
New Delhi, July 16 (IANS) The Reserve Bank of India (RBI) has issued a compounding order in the case of Apothecon Pharmaceuticals Private Limited’s violations of the provisions of the Foreign Exchange Management Act (FEMA), which resulted in the closure of the ED investigation against the company with a one-time payment of Rs 40.52 lakh, according to a statement issued by the Directorate of Enforcement (ED) on Thursday.The RBI’s order compounding the violations under Section 15 of FEMA has b…
Mumbai, July 10 (IANS) In an operation linked to a reported associate of actor Shekhar Suman, the Enforcement Directorate (ED) conducted searches at the premises of Kalanee Impex run by Dharmesh Sangani over undisclosed foreign assets and suspicious cross-border transactions, an official said on Friday. Sangani, believed to have stakes in film production and closely associated with Shekhar Suman, came under the ED lens for allegedly operating foreign bank accounts in Canada, the US and the UAE, …
New Delhi, June 29 (IANS) The Reserve Bank of India (RBI) has issued a compounding order under Section 15 of the Foreign Exchange Management Act (FEMA), in the case of Touras India Private Limited, which has resulted in the termination of proceedings against the company for contraventions of the law’s provisions with a one-time payment of Rs 26,950, according to a statement issued by the Directorate of Enforcement (ED) on MondayThe order has been passed by the RBI after issuance of a “no objecti…
Mumbai, June 24 (IANS) The Bombay Stock Exchange (BSE) on Wednesday sought clarification from gold jewellery manufacturer Rajesh Exports Ltd regarding reports of searches conducted by the Enforcement Directorate (ED) at multiple locations linked to the Bengaluru-based company.The stock exchange’s query came a day after the central agency carried out searches at nine premises associated with the company under the provisions of the Foreign Exchange Management Act (FEMA). In a regulatory filing, Ra…
New Delhi, June 24 (IANS) Directorate of Enforcement (ED) has conducted search and seizure operations at nine premises of Rajesh Exports Limited (REL), located in Bengaluru and Mumbai, in connection with an ongoing investigation into the company and connected persons for suspected contraventions of provisions of the Foreign Exchange Management Act (FEMA), according to an official statement issued on Wednesday.Investigation has identified multiple issues, which include non-availability of records…
Bengaluru, June 19 (IANS) The Directorate of Enforcement (ED), Bengaluru Zonal Office, has conducted searches at six premises in Bengaluru in connection with alleged large-scale violations of the Foreign Exchange Management Act (FEMA), 1999, involving unauthorised cross-border money transfers through Virtual Digital Assets (VDAs), commonly known as cryptocurrencies, an official statement said on Friday.The searches were carried out on June 17 under Section 37 of FEMA at the premises of several f…
New Delhi, June 18 (IANS) The Reserve Bank of India (RBI) has issued compounding orders under Section 15 of the Foreign Exchange Management Act, 1999 (FEMA) against Sai Rayalaseeema Paper Mills and Cigniti Technologies Limited, which resulted in the termination of proceedings against the two companies for the contraventions under FEMA with one-time payments as fines, according to an ED statement.The orders have been passed by the apex bank after issuance of “No Objection” by the Directorate of E…
New Delhi, June 12 (IANS) The Reserve Bank of India (RBI) has issued a compounding order under Section 15 of Foreign Exchange Management Act (FEMA), in the case of Ripe Accountancy Services Private Limited, which has resulted in the termination of proceedings against the company for contravention of provisions under FEMA, according to a statement issued by the Enforcememt Directorate (ED) on Friday. The order has been passed by the RBI with a one-time payment of Rs 1.77 lakh to be paid by the co…
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…