FEMA Current Affairs, GK & News

Karnataka High Court quashes ED freeze on Greenpeace Bank Accounts

The Karnataka High Court has quashed the order of Enforcement Directorate (ED) which froze the bank accounts of Greenpeace India. The court noted that the validity of the ED order has lost its efficacy on account of efflux of time as the period of 60 days has expired. The accounts of the Greenpeace India were frozen on ..

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RBI tightens reporting norms for Liberalised Remittance Scheme

The Reserve Bank of India (RBI) has tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which individual can transfer up to US $2,50,000 abroad in a year. The purpose of tightening of norms is to improve monitoring and also to ensure compliance with LRS limits. Key Facts Currently, the LRS transactions are permitted ..

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RBI eases FEMA norms to spur investment from overseas

The Reserve Bank of India (RBI) has simplified Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations to make it easier for foreign investors to invest in the country. It was done by putting all 93 amendments under one notification. The new regulation combines earlier two regulations on foreign ..

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RBI prohibits investments in non-cooperative countries and territories

The Reserve Bank of India (RBI) has prohibited Indian entities from making direct investments in any entity located in Non-Cooperative Countries and Territories (NCCT) as identified by Financial Action Task Force (FATF). The prohibition is for aligning instructions under FEMA (Foreign Exchange Management Act) with the objectives of the FATF. At present, there is no ..

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Wal-Mart gets clean chit in FEMA case

World’s largest supermarket chain Wal-Mart, got a clean chit from ED (Enforcement Directorate) in the FEMA (Foreign Exchange Management Act) violation case. Why a clean chit to Wal-Mart in FEMA Case? Since Government has allowed FDI in multi-brand retail and also made provision for retrospective regularization of investments. Therefore, a case of violation couldn’t be made against ..

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