Tag: FEMA

  • RBI Imposes Rs 36.38 Lakh Fine On HSBC Ltd For Violating Norms | Companies News

    New Delhi: The Reserve Bank of India (RBI) has imposed a penalty of Rs 36.38 lakh on HSBC Limited for violation of directions on reporting requirements under the Liberalised Remittance Scheme of FEMA. The RBI had issued a show-cause notice to the bank, in response to which the bank submitted a written reply and also made oral submissions.

    After considering the facts of the case and the bank’s reply in the matter, the RBI came to the conclusion that the violations were substantiated and warranted the imposition of penalty, according to a statement by the central bank. (Also Read: From HDFC To IDFC: 4 Important Credit Card Changes You Need To Know)

    The RBI also said that the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. (Also Read: HDFC Bank To Stop SMS Alerts For Small UPI Transactions Starting From THIS Date: Find Out Why)

  • FEMA Has Your Quantity, Will Textual content You Wednesday

    The take a look at, scheduled to start out at 2:20 p.m. ET, will see messages allotted to all TVs, radios and cell phones to be able to ensure that the Emergency Alert Device and Wi-fi Emergency Indicators are running successfully.

    Wi-fi telephones will have to simplest obtain one message all through the take a look at, an alert that reads, “THIS IS A TEST of the Nationwide Wi-fi Emergency Alert Device. No motion is wanted.”

    Relying at the person cell phone settings, the message may additionally show in Spanish.

    Consistent with a FEMA truth sheet, “tones and vibration” may even accompany the alert, even though they’re now not meant to break a telephone name.

    FEMA stressed out that the take a look at won’t collect any non-public information, nor can it observe, find or lock any individual’s telephones.

    Equivalent messages may also be broadcast on radio and tv, the place assessments are a extra acquainted incidence.

  • ED questions Anil Ambani in contemporary FEMA case connected to overseas belongings

    Through PTI

    MUMBAI: Reliance ADA Workforce Chairman Anil Ambani on Monday gave the impression prior to the Enforcement Directorate (ED) right here and recorded his commentary in reference to an investigation connected to the alleged contravention of the foreign currencies legislation, authentic assets mentioned.

    The industrialist and his spouse Tina Ambani were summoned once more for the same spherical of wondering later this week.

    Ambani, 64, deposed on the place of business of the federal company in south Mumbai, the place he arrived at round 10 am and left at 6 pm.

    Ambani’s commentary used to be recorded as a part of a contemporary case filed underneath more than a few sections of the International Change Control Act (FEMA), the assets mentioned.

    The investigation in opposition to the couple relates to the ownership of positive alleged undisclosed belongings out of the country and connected motion of price range, they mentioned with out elaborating.

    Anil Ambani had gave the impression prior to the ED in 2020 in a cash laundering case in opposition to Sure Financial institution promoter Rana Kapoor and others.

    In August final 12 months, the income-tax division issued a understand to Ambani underneath the anti-black cash legislation for allegedly evading Rs 420 crore in taxes on undisclosed price range of greater than Rs 814 crore held in two Swiss financial institution accounts.

    The Bombay Top Court docket, in March, ordered an period in-between keep in this I-T show-cause understand and penalty call for.

    MUMBAI: Reliance ADA Workforce Chairman Anil Ambani on Monday gave the impression prior to the Enforcement Directorate (ED) right here and recorded his commentary in reference to an investigation connected to the alleged contravention of the foreign currencies legislation, authentic assets mentioned.

    The industrialist and his spouse Tina Ambani were summoned once more for the same spherical of wondering later this week.

    Ambani, 64, deposed on the place of business of the federal company in south Mumbai, the place he arrived at round 10 am and left at 6 pm.googletag.cmd.push(serve as() googletag.show(‘div-gpt-ad-8052921-2’); );

    Ambani’s commentary used to be recorded as a part of a contemporary case filed underneath more than a few sections of the International Change Control Act (FEMA), the assets mentioned.

    The investigation in opposition to the couple relates to the ownership of positive alleged undisclosed belongings out of the country and connected motion of price range, they mentioned with out elaborating.

    Anil Ambani had gave the impression prior to the ED in 2020 in a cash laundering case in opposition to Sure Financial institution promoter Rana Kapoor and others.

    In August final 12 months, the income-tax division issued a understand to Ambani underneath the anti-black cash legislation for allegedly evading Rs 420 crore in taxes on undisclosed price range of greater than Rs 814 crore held in two Swiss financial institution accounts.

    The Bombay Top Court docket, in March, ordered an period in-between keep in this I-T show-cause understand and penalty call for.

  • No reduction for Xiaomi over Rs 5,551 crore asset freeze

    By way of Categorical Information Provider

    The Karnataka Prime Court docket on Thursday refused to stick FEMA competent authority’s affirmation of the Enforcement Directorate’s (ED) order to take hold of Xiaomi Generation India Personal Restricted’s financial institution belongings value over Rs 5551.27 crore. The competent authority, shaped below the Overseas Trade Control Act, 1999 (FEMA), showed the order of the ED to take hold of the belongings of the smartphone corporate on September 19.

    The courtroom orally informed Xiaomi that it can’t go an period in-between order in favour of the corporate until it furnishes a financial institution ensure for Rs 5,551.27 crore. It posted the following listening to to October 14, 2022. Contending that that the competent authority handed the order with out software of thoughts and no alternative was once given to inspect representatives of a financial institution, Xiomi wondered constitutional validity of Phase 37-A of FEMA at the floor that it’s obscure because it lets in confiscation with out adjudication of guilt of violation of FEMA.

    The Further Solicitor Basic of India M B Naragund, representing ED, contended that Xiaomi has withdrawn really extensive quantity out of the seized quantity and most effective Rs 3,900 is to be had as steadiness within the seized account as on October 4, 2022. The corporate has to manner the appellate authority in opposition to the order of the competent authority, he argued. 

    The competent authority, whilst confirming the seizure of Rs 5551.27 crore, held that the ED is true in keeping foreign currency identical to INR 5551.27 crore which has been transferred out of India by means of Xiaomi India in an unauthorised way and is held outdoor India on behalf of the crowd entity in contravention of Phase 4 of the FEMA and the similar is at risk of be seized on the subject of provisions of Phase 37A of the FEMA. The corporate unauthorisedly remitted the quantity in guise of royalty in another country which represent violation of Phase 4 of the FEMA, the ED claimed.

    The Karnataka Prime Court docket on Thursday refused to stick FEMA competent authority’s affirmation of the Enforcement Directorate’s (ED) order to take hold of Xiaomi Generation India Personal Restricted’s financial institution belongings value over Rs 5551.27 crore. The competent authority, shaped below the Overseas Trade Control Act, 1999 (FEMA), showed the order of the ED to take hold of the belongings of the smartphone corporate on September 19.

    The courtroom orally informed Xiaomi that it can’t go an period in-between order in favour of the corporate until it furnishes a financial institution ensure for Rs 5,551.27 crore. It posted the following listening to to October 14, 2022. Contending that that the competent authority handed the order with out software of thoughts and no alternative was once given to inspect representatives of a financial institution, Xiomi wondered constitutional validity of Phase 37-A of FEMA at the floor that it’s obscure because it lets in confiscation with out adjudication of guilt of violation of FEMA.

    The Further Solicitor Basic of India M B Naragund, representing ED, contended that Xiaomi has withdrawn really extensive quantity out of the seized quantity and most effective Rs 3,900 is to be had as steadiness within the seized account as on October 4, 2022. The corporate has to manner the appellate authority in opposition to the order of the competent authority, he argued. 

    The competent authority, whilst confirming the seizure of Rs 5551.27 crore, held that the ED is true in keeping foreign currency identical to INR 5551.27 crore which has been transferred out of India by means of Xiaomi India in an unauthorised way and is held outdoor India on behalf of the crowd entity in contravention of Phase 4 of the FEMA and the similar is at risk of be seized on the subject of provisions of Phase 37A of the FEMA. The corporate unauthorisedly remitted the quantity in guise of royalty in another country which represent violation of Phase 4 of the FEMA, the ED claimed.

  • Rep. Dan Crenshaw Shreds ‘Fool’ Rep. Marjorie Taylor Greene As Feud Escalates

    Rep. Dan Crenshaw (R-Texas) mentioned Rep. Marjorie Taylor Greene (R-Ga.) is both a Democrat or an “fool” because the confrontation between the 2 intensified.

    Remaining week, Crenshaw referred to as on President Joe Biden to make use of FEMA to assist with coronavirus trying out and support hospitals fighting the surge in infections brought about by way of the omicron variant.

    Greene, a conspiracy theorist who has downplayed the virus, brushed aside omicron as “sneezes, coughs and runny noses” and attacked Crenshaw for the recommendation.

    “He wishes to forestall calling himself conservative, he’s hurting our emblem,” Greene wrote on Twitter sooner than her account used to be completely suspended for spreading incorrect information.

    Rep. <a href="https://www.huffpost.com/topic/dan-crenshaw" target="_blank" role="link" class=" js-entry-link cet-internal-link" data-vars-item-name="Dan Crenshaw" data-vars-item-type="text" data-vars-unit-name="61d3fc2de4b0c7d8b8a73563" data-vars-unit-type="buzz_body" data-vars-target-content-id="https://www.huffpost.com/topic/dan-crenshaw" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="6">Dan Crenshaw</a> (R-Texas) and Rep. <a href="https://www.huffpost.com/topic/marjorie-taylor-greene" target="_blank" role="link" class=" js-entry-link cet-internal-link" data-vars-item-name="Marjorie Taylor Greene" data-vars-item-type="text" data-vars-unit-name="61d3fc2de4b0c7d8b8a73563" data-vars-unit-type="buzz_body" data-vars-target-content-id="https://www.huffpost.com/topic/marjorie-taylor-greene" data-vars-target-content-type="feed" data-vars-type="web_internal_link" data-vars-subunit-name="article_body" data-vars-subunit-type="component" data-vars-position-in-subunit="7">Marjorie Taylor Greene</a> (R-Ga.)

    Crenshaw spoke back in an Instagram tale.

    “Hiya Marjorie, if suggesting we must practice Trump coverage as a substitute of Biden mandates makes you mad, then you definately could be a Democrat – or simply an fool,” he wrote.

    Crenshaw also referred to as her out for lacking a key vote ― circling an image of her “going out for a couple of beverages” as a substitute of balloting for the Nationwide Protection Authorization Act.

    The 2 Republicans have one thing of a historical past.

    Crenshaw has attacked the “grifters and liars” in his birthday party as “efficiency artists.”

    “They’re those you assume are extra conservative as a result of they know the way to mention slogans actual smartly,” he mentioned final month, in line with The Hill. “They know the way to recite the strains that they know our citizens wish to listen.”

    Greene fired again, pronouncing that Crenshaw ― a former Army SEAL ― used to be “taking pictures with blanks.”

    Crenshaw additionally brushed aside Greene as “now not a significant particular person” in a Politico profile final month.