Latest Foreign Exchange Regulatory Framework News & Updates

Adjudicating Authority Imposes Rs 184 Crore Penalty on Journalist Prabir Purkayastha

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New Delhi, Feb 16 (IANS) An Adjudicating Authority under the Foreign Exchange Management Act, 1999 (FEMA) on Monday slapped a penalty of Rs 184 crore on controversial journalist and production company owner Prabir Purkayastha and his firm for violating FDI norms and illegal foreign inward remittances, an ED official said on Monday.The Adjudicating Authority imposed a penalty of Rs 120 crore on PPK Newsclick Studio Pvt Ltd and Rs 64 crore on Purkayastha, director of the company, said a statement …