FEMA Financial News

Paytm Payments Bank has told the Enforcement Directorate (ED) that it does not possess the licence required for outward foreign remittances and hence the question of it violating Fema does not arise, people in the know told ET. The federal agency last week wrote to the Reserve Bank of India (RBI) to verify this claim, they said. The 'AD-II' licence issued by the RBI is mandatory for companies to make foreign remittances. ED is probing alleged violations of the Foreign Exchange Management Act (Fema) by entities using Paytm Payments Bank.

Foreign Exchange Management Act (FEMA), news agency PTI reported on Sunday citing sources. The report said the promoters of Mumbai-based real estate company have been asked to depose at the ED office in Mumbai but they may choose to submit their primary responses through an authorised representative.

Enforcement Directorate has issued fresh summons to TMC leader and expelled Lok Sabha MP Mahua Moitra for questioning in a FEMA contravention case after she did not depose on Monday, sources said. The 49-year-old politician has been given a week's time to appear after she sent a communication to the agency expressing her inability to depose, they said. A response from the Trinamool Congress (TMC) politician was not available immediately. The ED wants to question Moitra and record her statement under the provisions of the Foreign Exchange Management Act (FEMA) once she deposes.

The federal agency in charge of emergency management is changing its program that helps those who survive wildfires, hurricanes and other natural disasters

ED) has alleged a slew of violations under the foreign exchange law, including failure to submit crucial documents in time as well as realise export proceeds, by Byju’s parent Think & Learn, apart from holding founder Byju Raveendran responsible. ET on November 21 reported online thatED confirmed issuing showcase notices for alleged violations of the Foreign Exchange Management Act (Fema) amounting to Rs 9,362 crore by Think & Learn and Raveendran.

₹9,362.35 crore. Byju’s breached Fema’s provisions by “failing to submit documents of imports against advance remittances made outside India, by failing to realize proceeds of exports made outside India, by delayed filing of documents against the foreign direct investment (FDI) received into the company, by failing to file documents against the remittances made by the company outside India and by failing to allot shares against the FDI received into the company," the investigation agency said in a statement. The ED had searched several offices of Byju’s and residences of its top executives on 24 and 28 April.

Edtech major Byju’s has denied media reports stating that the Enforcement Directorate (ED) has issued a notice to the company, asking it to pay Rs 9,000 crore for allegedly violating Foreign Exchange Management Act (FEMA). 

Byju’s founder and chief executive Byju Raveendran has written a note to his shareholders informing them the firm is fully compliant with Foreign Exchange Management Act (FEMA) regulations. Raveendran in a note to shareholders said a top law firm in the country had conducted a due diligence on its FEMA compliance. “..which ( an email) highlights the results of a comprehensive due diligence conducted on Byju’s. The email confirms that the due diligence found no FEMA violations at Byju’s,” Raveendran’s note to shareholders said.

₹9,000 crore, as per a CNBC-TV18 report citing sources. The notice reportedly encompasses Byju Raveendran, the founder of Byju's, and Think and Learn Pvt Ltd. The ED's move comes after an inquiry into potential FEMA violations by the ed-tech unicorn, it added.

Brightcom Group Ltd, as well as at the residences of Chairman and Managing Director M. Suresh Reddy and Chief Financial Officer S.L.N Raju in Hyderabad. The searches were conducted as part of the investigation conducted by the Securities and Exchange Board of India (Sebi) regarding impairment of assets worth Rs 868 crore by the company through its international subsidiaries. The inquiry by the ED revealed that Brightcom Group violated provisions of Foreign Exchange Management Act (FEMA). “It was revealed that Brightcom itself financed the preferential issues by round-tripping funds through subsidiaries and conduit entities; that Brightcom falsely claimed to have received full payment for preferential shares/warrants by providing ‘forged and fabricated bank statements’ to SEBI,” the ED said. Further, more than Rs 300 crore advanced as loans to subsidiaries were partly siphoned off or remained unaccounted. The ED also conducted searches at the residence of the company’s statutory auditors P.

CaratLane Trading, now majority owned by the Tata Group’s Titan, has challenged a show-cause notice (SCN) from the Directorate of Enforcement (ED) alleging that it had violated rules between 2011 and 2014 by receiving foreign direct investment (FDI), said people with knowledge of the matter. This predates Titan’s investment in CaratLane. Titan said recently it’s raising its stake in CaratLane to 98.28% by acquiring 27.2% more from founder Mithun Sacheti and his family. The ED accused CaratLane of violating the Foreign Exchange Management Act (FEMA).

The Federal Emergency Management Agency said Friday it has approved more than $5.6 million in assistance to nearly 2,000 households in Maui so far as the federal government tries to help survivors of the devastating wildfires

Parliament on Monday. Minister of State for Finance Pankaj Chaudhary told Lok Sabha in a written reply that the ED has recorded cases on the basis of a «risk-based robust mechanism» under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, 1999 (FEMA).

Anil Ambani, Chairman of Reliance ADA Group, appeared before the Enforcement Directorate (ED) in Mumbai for questioning and to provide her statement regarding an investigation related to the alleged violation of foreign exchange regulations, according to official sources. Anil Ambani had already given his statement on Monday, 3 July, under sections of the Foreign Exchange Management Act 1999 (FEMA), and he is expected to appear before the ED again later in the week to complete the process.

cryptocurrency firms as part of its ongoing probe into alleged instances of foreign exchange violations, if any, by these firms, sources said. ED has sent out notices to cryptocurrency exchanges seeking further information under the Foreign Exchange Management Act (FEMA), they added. Crypto trading platform CoinDCX’s founder Sumit Gupta joined the federal agency’s probe at its Bengaluru office earlier this month, the sources said.

The crypto industry body has suggested that the government can regulate cryptocurrencies by introducing a licensing regime for exchanges and other intermediaries and bringing in strict norms to track funds used in crypto trading,  Moneycontrol has learnt from sources.