Foreign Exchange Management Act

  • Emaar MGF slapped with Rs 8,600 crore penalty notice 04-06-2013 10:54 PM

    New Delhi: The Enforcement Directorate on Wednesday slapped a Rs 8,600 crore show-cause notice on construction major Emaar MGF Land Ltd and its sister firms for alleged forex rules violation, the biggest such penal action in country's real estate sector. The agency, which began an investigation in 2010 with regard...
  • Reported cases of economic crimes just 'tip of iceberg': ED 01-05-2013 05:20 PM

    New Delhi: Enforcement Directorate may have seized assets worth Rs 2,357 crore in 2012-13, a seven fold increase from previous fiscal, but it sees the cases of money laundering, forex violations and other economic offences probed by it as just the "tip of the iceberg". The ED has stepped up...
  • Make forex payments cautiously: RBI to banks 17-11-2011 03:51 PM

    Mumbai: The Reserve Bank on Thursday directed banks to exercise caution with respect to online forex trading by Indian residents where margin payments through a credit card or deposit are required in view of the risk of fraud. "... Banks should exercise due caution and be extra vigilant in respect...
  • ED to attach assets of Hasan Ali, Tapuriah 04-11-2011 01:05 PM

    New Delhi: The Enforcement Directorate will attach an estimated Rs 50 crore of assets of Pune stud farm owner and alleged tax defaulter Hasan Ali Khan and his Kolkata-based associate Kashinath Tapuriah in a money laundering case. The Adjudicating Authority of the agency based in Delhi recently endorsed an order...
  • HC asks Hasan Ali to move special court for bail 29-04-2011 06:10 PM

    Mumbai: Refusing to grant bail to Pune-based stud farm owner Hasan Ali Khan, accused of stashing away billions of dollars in overseas accounts, the Bombay High Court on Friday asked him to approach the special court handling Prevention of Money Laundering Act cases. Disposing of Khan's bail application, Justice RC...
  • IT Dept imposes Rs 40k cr penalty on Hasan Ali 18-02-2011 06:45 PM

    Mumbai: The Income Tax Department on Friday imposed a huge penalty of Rs 40,000 crore on businessman Hasan Ali Khan, a 56-year-old alleged stud-farm owner and one of the main accused in the multi-million dollar tax evasion and money laundering case. Hasan Ali on Friday presented himself before the Income...