Foreign Exchange Management Act

  • Emaar MGF slapped with Rs 8,600 crore penalty notice June 4, 2013

    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 May 1, 2013

    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...
  • ED slaps Rs 100 crore notice on Rajasthan Royals February 4, 2013

    Mumbai: A day after the player auctions for Indian Premier League Season 6, the Enforcement Directorate has slapped a notice of Rs 100 crore on the Indian Premier League franchise Rajasthan Royals over alleged violations of the Foreign Exchage Management Act (FEMA). This came after the ED found that the foreign...
  • Amended FEMA rules to notify FDI tabled in Parliament November 30, 2012

    New Delhi: Paving the way for FDI in multi-brand retail, the government has tabled the amended rules of the Foreign Exchange Management Act (FEMA) in both houses of Parliament. The amendments are crucial for the government to notify FDI in retail, a segment in which trade is currently restricted under...
  • SC tells govt to amend FEMA rules to implement FDI October 15, 2012

    New Delhi: The Supreme Court has come to the government's rescue on Foreign Direct Investment (FDI) in the retail sector. The Supreme Court has asked the government to amend the Foreign Exchange Management Act (FEMA) regulations to implement FDI in retail. The court said that the RBI has till date not...
  • Rs 32,000 crore forex scam forgotten! June 3, 2012

    New Delhi: In UPA's summer of discontent, it continues to rain scams. The Central Bureau of Investigation (CBI) had unearthed a huge forex derivatives scam, pegged at Rs 32,000 crore which has been conveniently brushed under the carpet by the government for three years. On January 4, 2012, Parliament's Public Accounts...
  • Make forex payments cautiously: RBI to banks November 17, 2011

    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 of...
  • ED to attach assets of Hasan Ali, Tapuriah November 4, 2011

    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 of...
  • HC asks Hasan Ali to move special court for bail April 29, 2011

    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 Chavan...
  • IT Dept imposes Rs 40k cr penalty on Hasan Ali February 18, 2011

    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 Tax...
  • ED sends show cause notice to Pune tycoon January 1, 2009

    Mumbai: Businessman and race horse owner Hasan Ali Khan was issued a show cause notice by the Enforcement Directorate (ED) on Tuesday. From illegal Hawala transactions to tax evasion to fake passports, this Pune-based tycoon and stud farm owner is under scanner for doing illegal work running into crores of...