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(Image source- Reuters) <ul><li>A special committee appointed by the Securities and Exchange Board of India has recommended that Indian companies be allowed to directly list their shares on <keyword id="6385821" type="UNKNOWN" weightage="20" keywordseo="FOREIGN">foreign</keyword> bourses, citing the “internationalisation of capital markets”. </li><li>However, this will only extend to those countries that have information-sharing treaties with India and strong anti-money laundering regulations. </li><li>The move will likely be welcomed by India Inc as it will open a new source of capital, especially for Indian companies with a global footprint, and allow them to service their foreign currency-denominated debt in an easier manner. </li></ul>A special committee appointed by the Securities and Exchange Board of India (<keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword>) has recommended that Indian companies be allowed to directly list their shares on foreign bourses, according <a href="https://www.livemint.com/Money/kAiqcwyiYaUOYr7zUdUPWK/Sebi-panel-votes-for-overseas-listing-of-Indian-companies.html">to media reports</a>, owing to the "internationalisation" of capital markets. The move follows a <a href="https://www.livemint.com/Money/5l70fVoFY7au71RmSuPpiO/Sebi-proposes-direct-overseas-listing-of-companies.html?utm_source=scroll&amp;utm_medium=referral&amp;utm_campaign=scroll">proposal for the same </a>earlier this year from the securities regulator, after which it formed the panel to examine the implications of such a policy. Interestingly, China was cited as an example of a country whose companies have benefited from this policy, with as many as <a href="https://www.bloombergquint.com/business/sebi-panel-pitches-for-direct-listing-of-indian-companies-overseas#gs.YM3laqg">91 Chinese firms</a> listing overseas in the last five years and raising tens of billions of dollars in the process. However, the SEBI panel’s recommendation came with two conditions. Firstly, this will only extend to those countries that have information-sharing treaties with India and strong anti-money laundering regulations, as indicated by their membership of the Financial Action Task Force. In its report, the panel specified 10 countries, the likes of which include US, UK, Switzerland, Germany, Hong Kong, Japan and China, that fulfilled these requirements. Secondly, Indian companies need to comply with certain liquidity and capital requirements before being allowed to list overseas. These include a requirement that at least 10% of their paid-up capital be listed on an Indian bourse. In addition, the listing size has to be at least ₹10 billion and should have subscription guarantees from 200 investors or more. The move will likely be welcomed by India Inc as it will open a new source of capital, especially for Indian companies with a global footprint, and allow them to service their foreign currency-denominated debt in an easier manner. It will also increase brand visibility, lead to better valuations and encourage Indian companies to compete on a global scale. As per the existing policy, no <keyword id="24975" type="ORGANIZATION" weightage="20" keywordseo="company">company</keyword> that is incorporated in India is allowed to directly list their stocks overseas despite being allowed to sell debt securities on foreign exchanges. That is largely because the government has feared that this will lead to <keyword id="701527" type="PERSON" weightage="20" keywordseo="capital-flight">capital flight</keyword> and that it would hinder the growth of the domestic stock market. Hence, the only avenue available to Indian companies is the sale of depositary receipts. Similarly, foreign companies aren’t allowed to directly list their shares on Indian stock exchanges. The SEBI panel suggested a revision of this policy as well. Should the Indian government decide to implement the recommendations, it will require significant amendments not only to the Companies Act, but also to the <keyword id="88944" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Exchange-Management-Act">Foreign Exchange Management Act</keyword>. SEE ALSO: <a href="https://www.businessinsider.in/indias-securities-regulator-is-forcing-rating-agencies-to-comply-with-stricter-assessment-norms-to-prevent-a-repeat-of-the-ilfs-crisis/articleshow/66616962.cms">India’s securities regulator is forcing rating agencies to comply with stricter assessment norms to prevent a repeat of the IL&amp;FS crisis</a> <a href="https://www.businessinsider.in/india-sebi-just-made-it-a-lot-cheaper-for-you-to-invest-in-mutual-funds/articleshow/65867646.cms">India, SEBI just made it a lot cheaper for you to invest in mutual funds</a> <a href="https://www.businessinsider.in/indias-securities-regulator-wants-to-develop-indias-corporate-bond-market-so-it-has-ordered-large-companies-to-raise-at-least-25-of-their-long-term-debt-from-bond-sales/articleshow/66823456.cms">India’s securities regulator wants to develop India’s corporate bond market — so it has ordered large companies to raise at least 25% of their long-term debt from bond sales</a>

India’s markets regulator could soon allow the direct listing of Indian companies on foreign stock exchanges

The <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> has filed a case against <keyword id="60684" type="General" weightage="100" keywordseo="bbc" source="Orion">BBC</keyword> <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> under <keyword id="88944" type="General" weightage="50" keywordseo="foreign-exchange-management-act" source="Orion">Foreign Exchange Management Act</keyword> (FEMA) for irregularities in foreign funding. Official sources said that the action was taken to probe irregularities of foreign funding by BBC India, diversion of funds and violation of rules under the Foreign Exchange Management Act, 1999 (FEMA). The move comes in the wake of searches conducted by Income Tax at the offices of the British broadcaster in New Delhi and Mumbai in February this year. The broadcaster came under the radar of Indian agencies after it published a controversial documentary, 'India: The Modi Question,' which drew sharp criticism from the Indian government and tarnished the country's image. Following a survey by the <keyword id="65338" type="General" weightage="50" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword>, the ED had earlier also sent summons to BBC, calling for an inquiry into the matter. An officer of BBC's administrative and editorial departments is being questioned at ED's headquarters here. The government, in January, directed social media platforms to block YouTube videos and Twitter posts sharing links to the documentary soon after it created controversy. The documentary, which questioned the role of Prime Minister Narendra Modi in the 2002 Gujarat riots, was widely criticized by the Indian government and several sections of the Indian public. The BBC faced allegations of spreading fake news and propaganda, and the Indian government accused the broadcaster of trying to destabilize the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/star-treks-william-shatner-to-lead-stars-on-mars-competition-series/articleshow/99457006.cms">Star Trek's William Shatner to lead 'Stars On Mars' competition series</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rajasthans-beekeepers-in-the-honey-trap-of-high-costs-and-low-prices/articleshow/99457609.cms">Rajasthan's beekeepers in the honey trap of high costs and low prices</a>

Enforcement Directorate files case against BBC for irregularities in foreign funds

A few firms, including <keyword id="10587326" type="General" weightage="100" keywordseo="coinswitch" source="Orion">CoinSwitch</keyword> and <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> dealing in cryptocurrency have been asked by the <keyword id="6357808" type="General" weightage="20" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) to submit some documents in connection with an ongoing case of the <keyword id="88944" type="General" weightage="50" keywordseo="foreign-exchange-management-act" source="Orion">Foreign Exchange Management Act</keyword> (FEMA). The ED is trying to ascertain whether these firms were involved in foreign exchange violations or not. According to sources, the ED sent notices to CoinSwitch and CoinDCX, both firms deal into cryptocurrency exchange. Earlier, <keyword id="208535" type="General" weightage="50" keywordseo="sumit-gupta" source="Orion">Sumit Gupta</keyword> the founder of CoinDCX was questioned at ED's Bengaluru office. He was summoned following which he had recorded his statements. People working as executives and looking after the work in cryptocurrency exchanges firms were also served notices to record their statements. ED sources said they will scan the transactions of the last three years done by these two firms and their Chartered Accountants (CA) will also be questioned. CoinDCX said in a statement that as per their understanding, "the ED has sent notices to major exchanges in India seeking information and data on how platforms work. As required, we have shared all necessary information to the satisfaction of the department and no subsequent action is pending at our end". CoinSwitch also confirmed that they were sent notices by the ED and they were willing to comply. "We receive queries from various government agencies. Our approach has always been one of transparency. <keyword id="2721952" type="General" weightage="80" keywordseo="crypto" source="Orion">Crypto</keyword> is an early-stage industry with a lot of potential and we continuously engage with all stakeholders," a CoinSwitch spokesperson said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/flexibility-is-passe-companies-are-ready-to-re-design-jobs-to-retain-talent/articleshow/92696760.cms">Flexibility is passe, companies are ready to re-design jobs to retain talent</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/specialty-chemical-sector-is-the-new-investor-darling-thanks-to-a-weak-rupee-global-demand/articleshow/92696554.cms">Specialty chemical sector is the new investor darling thanks to a weak rupee &amp; global demand</a>

ED send notices to crypto firms — CoinSwitch, CoinDCX to probe any foreign exchange violations

In a major relief to major tech giant <keyword id="2210169" type="General" weightage="50" keywordseo="xiaomi-india" source="Orion">Xiaomi India</keyword>, the <keyword id="6371973" type="General" weightage="20" keywordseo="karnataka-high-court" source="Orion">Karnataka High Court</keyword> has permitted it to take overdrafts from banks and make payments. However, the court has excluded the payment of technology royalty. Vacation Judge Justice S. Sunil Dutt Yadav on Thursday also extended the interim order till May 23 and stated that the matter is now between the banks and the petitioner company. The court had given conditional stay on the order given by the Enforcement Directorate (ED) on April 29 to seize a whopping Rs 5,513.3 crore amount. The ED has taken the step after invoking the <keyword id="88944" type="General" weightage="50" keywordseo="foreign-exchange-management-act" source="Orion">Foreign Exchange Management Act</keyword>, 1999. Senior advocate S. Ganeshan argued that <keyword id="874458" type="General" weightage="100" keywordseo="xiaomi" source="Orion">Xiaomi</keyword> India was being targeted as it is a Chinese company and other companies are allowed to make payments of technology royalty. Seeking clarification on the earlier interim order on May 5, he argued that banks are not allowing Xiaomi to make remittances in foreign exchange for imports following the court order. He explained that the company is required to make payments for foreign companies in connection with manufacturing and marketing smartphones. Contesting this Additional Solicitor General M.B. Nargund said that the authorities have no complaints if Xiaomi is agreeable to keep the seized amount in the bank and use the remaining amount. He brought to the notice of the court that on April 24 and 29, before the ED passed the order to seize Xiaomi's bank accounts, there was a transfer of around Rs 1,500 crore from the company's bank accounts as per the available information. However, Xiaomi is maintaining that royalty payments made to three companies abroad would not violate the FEMA Act. The company further maintained that the I-T department itself had allowed it as a value added activity. SEE ALSO: <a href="https://www.businessinsider.in/business/news/china-ups-its-attacks-on-india-as-xiaomi-accuses-ed-of-physical-violence-threats/articleshow/91458920.cms">China wants India to treat Chinese companies fairly as Xiaomi claims ED threatened its executives of physical violence</a> <a href="https://www.businessinsider.in/india/news/chinese-state-media-says-indias-seizure-of-over-5500-crore-from-xiaomi-could-be-seen-as-a-crackdown-on-chinese-companies/articleshow/91434053.cms">Chinese state media says India's seizure of over ₹5,500 crore from Xiaomi could be seen as a crackdown on Chinese companies</a> <a href="https://www.businessinsider.in/business/corporates/news/xiaomis-manu-kumar-jain-has-been-reportedly-summoned-by-the-enforcement-directorate/articleshow/90803402.cms">Xiaomi’s Manu Kumar Jain has been reportedly summoned by the Enforcement Directorate</a>

Karnataka High Court allows Xiaomi to take overdraft for payments, restricts royalty payment

<ul><li><keyword id="874458" type="General" weightage="100" keywordseo="xiaomi" source="Orion">Xiaomi</keyword> has said that it is disappointed after an appellate authority upheld the ₹5,551.27 crore seizure order.</li><li>The Enforcement Directorate (ED) in April passed an order to seize ₹5,551.27 crore from the company’s bank accounts.</li><li>ED had claimed that <keyword id="2210169" type="General" weightage="20" keywordseo="xiaomi-india" source="Orion">Xiaomi India</keyword> had violated the provisions of the Foreign Exchange Management Act.</li></ul>In a major setback to Chinese smartphone maker Xiaomi, an appellate authority upheld the Enforcement Directorate’s <a href="https://enforcementdirectorate.gov.in/sites/default/files/latestnews/Press_release_XIAOMI_30_04_22.pdf">order</a> to seize ₹5,551.27 crore from the company for violations of the Foreign Exchange Management Act (FEMA). The ED, in a press release, said, “The Competent Authority appointed under Section 37A of the Foreign Exchange Management Act has confirmed the seizure order of Rs. 5551.27 Crore dated 29.04.2022 passed by the Directorate of Enforcement (ED) against Xiaomi Technology India Private Limited under the provisions of FEMA.” The ED in April 2022 had ordered a seizure of ₹5,551.27 crore from the company’s bank accounts. The financial watchdog had claimed that Xiaomi had illegally remitted foreign currency equivalent to ₹5,551.27 crore to three foreign-based entities on the instructions of its parent company in China. In May, a Business Insider India <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">report</a> revealed that 84% of the above amount was remitted to the Qualcomm Group as part of royalty payments for the chipsets used by the company. The smartphone maker had claimed that Xiaomi India had agreed with Qualcomm to license IP for manufacturing smartphones. However, the competent authority was not satisfied with this. “The Competent Authority also observed that payment of royalty is nothing but a tool to transferring the foreign exchange out of India, and the same is in blatant violation of provisions of FEMA,” the ED added in its release. <cmsannotation type="cmsannotation" annotationid="Xiaomi says it is disappointed" comment="subhead" text="Xiaomi says it is disappointed">Xiaomi says it is disappointed</cmsannotation> Xiaomi, in its <a href="https://twitter.com/XiaomiIndia/status/1576558446127697920">statement</a> said it was “disappointed” with the decision and will continue to protect its interests. “All royalty payments made by Xiaomi India were only related to sales done by Xiaomi India, not for any other countries or regions. The Qualcomm Group has also confirmed this. These royalty payments were made via RBI approved and mandated banking channels and are legitimate commercial arrangements,” Xiaomi India said in a statement. “We will continue to use all means to protect the reputation and interests of the Company and our stakeholders. We remain committed to working with various authorities to resolve the issue,” the company added. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/four-out-of-five-smartphones-sold-in-india-were-from-chinese-companies/articleshow/93701715.cms">Chinese smartphones continue to lead the market share despite crackdown by the Indian government</a> <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">EXCLUSIVE: 84% of the ₹5,551.27 crore of the alleged illegal remittance by Xiaomi India were to the Qualcomm Group</a> <a href="https://www.businessinsider.in/tech/enterprise/news/ed-has-reportedly-raided-44-locations-of-vivo-and-related-firms-across-the-country/articleshow/92672031.cms">After Xiaomi, Vivo comes under the Enforcement Directorate’s scanner</a>

Xiaomi says it is disappointed after ₹5,551.27 crore seizure order is upheld, claims the remittances are legitimate

As the <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) continued searches at the premises of <keyword id="36918" type="General" weightage="20" keywordseo="chinese" source="Orion">Chinese</keyword> companies, including smartphone maker <keyword id="215177" type="General" weightage="100" keywordseo="vivo" source="Orion">Vivo</keyword>, at 44 locations in 22 states on Wednesday, the directors of one of the companies associated with Vivo have fled <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. According to sources, two of the Chinese directors of Solan, Himachal Pradesh-based company, that was associated with Vivo, have likely fled India, as ED registered a prevention of <keyword id="6355008" type="General" weightage="20" keywordseo="money-laundering" source="Orion">money laundering</keyword> case. The Chinese nationals were made directors in the Indian entities with fake documents. The enforcement agency has so far received information about money laundering worth Rs 10,000 crore during the raids, according to ED sources. More details will emerge later in the case, the sources added. The <keyword id="6354572" type="General" weightage="50" keywordseo="cbi" source="Orion">CBI</keyword> has also been probing the case and lodged a separate first information report. In a statement to IANS, Vivo had said that it is cooperating with the authorities to provide them with all required information. "As a responsible corporate, we are committed to be fully compliant with laws," a company spokesperson said. In April, the ED seized Rs 5,551.27 crore of <keyword id="6187302" type="General" weightage="50" keywordseo="xiaomi-technology-india-private-ltd" source="Orion">Xiaomi Technology India Private Ltd</keyword> lying in the bank accounts under the provisions of <keyword id="88944" type="General" weightage="50" keywordseo="foreign-exchange-management-act" source="Orion">Foreign Exchange Management Act</keyword> (<keyword id="6379062" type="General" weightage="50" keywordseo="fema" source="Orion">FEMA</keyword>) connection with the illegal outward remittances made by the company. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tcs-to-flag-off-the-earnings-season-heres-what-to-expect/articleshow/92713823.cms">TCS to flag off the earnings season — here’s what to expect</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-reduces-booster-gap-as-fewer-people-are-lining-up-for-the-precautionary-dose/articleshow/92703544.cms">India reduces booster gap as fewer people are lining up for the precautionary dose</a>

Vivo ED raids: Two Chinese directors of a related company flee

The ED said that the three properties belonging to <keyword id="6320" type="General" weightage="20" keywordseo="Munjal" source="Orion">Munjal</keyword> were attached under the Prevention of Money Laundering Act, 2002. The ED probe found that Munjal got issued "foreign exchange or foreign currency" in the name of other persons and thereafter utilised the same for his personal expenditure abroad. "The foreign currency or foreign exchange was drawn from authorised dealers by an event management company in the name of various employees and thereafter handed over to Munjal's relationship manager," the ED said. It said that the relationship manager carried such foreign currency or foreign exchange in cash or card secretly for the personal expenditure of Munjal during his personal or business trips. "The modus was adopted to override the limits of US$ 2.5 lakh per annum per person under the Liberalised Remittance Scheme," the ED said. The ED had earlier conducted search operations on August 1 with respect toMunjal and related entities or persons, and seized valuablesworth Rs 25 crore along with digital evidence and other incriminating documents. "The total value of seizure and attachment stands at about Rs 50 crore," the ED said. The ED case is on the basis of a charge sheet filed by Directorate of Revenue intelligence (DRI) against Munjal and others for taking foreign exchange or currency out of India illegally. The charge sheet alleges that foreign currency or foreign exchange equivalent to Rs 54 crore was illegally taken out of India.

ED attaches three properties of Hero Motocorp CMD & Chairman Pawan Munjal

The <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> on Tuesday proposed rationalising <keyword id="19909672" type="General" weightage="20" keywordseo="regulations" source="keywords">regulations</keyword> that cover <keyword id="19986776" type="General" weightage="100" keywordseo="export" source="keywords">export</keyword> and <keyword id="20040382" type="General" weightage="20" keywordseo="import" source="keywords">import</keyword> <keyword id="19971375" type="General" weightage="20" keywordseo="transactions" source="keywords">transactions</keyword> with an aim to promote ease of doing <keyword id="19933715" type="General" weightage="20" keywordseo="business" source="keywords">business</keyword> and empower banks to provide more efficient service to their <keyword id="19986712" type="General" weightage="20" keywordseo="foreign-exchange" source="keywords">foreign exchange</keyword> customers. The central bank has issued 'Regulation of Foreign Trade under Foreign Exchange Management Act (<keyword id="19940710" type="General" weightage="20" keywordseo="fema" source="keywords">FEMA</keyword>), 1999 - <keyword id="20399690" type="General" weightage="20" keywordseo="draft" source="keywords">Draft</keyword> Regulations and Directions' in this regard. As per the draft, every exporter should furnish to the specified authority a declaration specifying the amount representing the full export value of the goods or services. "The amount representing the full export value of goods and services shall be realised and repatriated to India within nine months from the date of shipment for goods and date of invoice for services," it said. The draft also proposes that an exporter who has not realised the full value of export within the time specified may be caution listed by the authorised dealer. An exporter who has been caution listed can undertake export only against receipt of advance payment in full or against an irrecoverable letter of credit, to the satisfaction of the authorised dealer. According to the draft, no advance remittance for the import of gold and silver should be permitted unless specifically approved by the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="153" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword>. The RBI said the proposed regulations are intended to promote ease of doing business, especially for small exporters and importers. They are also intended to empower Authorised Dealer banks to provide quicker and more efficient service to their foreign exchange customers, the central bank said. The RBI has sought comments on the draft regulations under FEMA and directions to authorised dealer banks by September 1.

RBI proposes rationalising regulations on export, import transactions

Apart from the <a href="http://www.businessinsider.in/searchresult.cms?query=Central+Bureau+of+Investigation+%28CBI%29+">Central Bureau of Investigation (CBI)</a> and the <a href="http://www.businessinsider.in/searchresult.cms?query=Enforcement+Directorate+%28ED">Enforcement Directorate (ED</a>), the Serious Fraud Investigation Office (SFIO) has also initiated an investigation into the alleged Rs 6,100-crore <keyword id="6355008" type="UNKNOWN" weightage="80" keywordseo="money-laundering">money laundering</keyword> case involving a Delhi branch of <a href="http://www.businessinsider.in/searchresult.cms?query=Bank+of+Baroda+%28BoB%29">Bank of Baroda (BoB).</a> 
 
The SFIO is a multi-disciplinary organization under the <a href="http://www.businessinsider.in/searchresult.cms?query=Ministry+of+Corporate+Affairs+">Ministry of Corporate Affairs</a> to tackle white-collar crimes or frauds. 
 CBI and the ED have started investigating the case last week. It is alleged that Rs 6,172 crore black money was remitted from <keyword id="92547" type="CITY" weightage="100" keywordseo="BoB">BoB</keyword> to Hong Kong which was passed off as payments for non-existent imports like cashew, pulses and rice. 
 
Moreover, it is also alleged that the amount was deposited in 59 accounts of the BoB's Ashok Vihar branch in New Delhi in cash as advance for import and the money was sent to some select companies in Hong Kong. 
 
Till date, six people including two officials of BoB -- SK Garg and Jainish Dubey -- have been arrested in this case for criminal conspiracy, cheating and provisions of the <a href="http://www.businessinsider.in/searchresult.cms?query=Prevention+of+Corruption+Act">Prevention of Corruption Act</a>. 
 Garg was AGM while Dubey headed the <keyword id="6368276" type="COMPANY" weightage="60" keywordseo="Foreign-exchange">foreign exchange</keyword> division at BoB's branch in Ashok Vihar. 
 
Between May 2014 and June 2015, the Delhi branch opened 59 current accounts through which large foreign exchange remittances were done, the bank said in a regulatory filing. 
 
A total of 5,853 outward foreign remittances aggregating $546.10 million (around Rs 3,500 crore) were made during this period via 38 current accounts to various overseas parties numbering some 400, mainly based in Hong Kong and one in the UAE. 
 The bank has admitted that the branch did not adhere to <keyword id="6379062" type="ORGANIZATION" weightage="100" keywordseo="FEMA">FEMA</keyword> (Foreign Exchange Management Act) guidelines. 
 
(Image: Indiatimes)

Bank of Baroda is in deep, deep trouble! CBI, ED, SFIO all start probe into its Rs 6,100-cr black money transaction case

Prime Minister <keyword id="6354477" type="PERSON" weightage="60" keywordseo="Narendra-Modi">Narendra Modi</keyword> Government’s stringent action towards <keyword id="6356023" type="UNKNOWN" weightage="80" keywordseo="Black-Money">black money</keyword> is forcing many wealthy Indians to migrate to Dubai and Singapore. 
 
According to informal email and text message exchanged by traders in Mumbai’s financial markets, many Indians are exploiting loopholes in foreign exchange laws. 
 
A leading tax professional told Economic Times that many of these people with undisclosed offshore bank accounts were using their contacts and arranging job appointment letters from companies in countries like the UAE and Singapore. 
 
According to Foreign Exchange Management Act (FEMA), Indian citizens employed abroad are considered non-residents. As per income tax law, such persons are required to stay out of India for at least 182 days in a financial year to claim non-resident status. 
 
When declared as a NRI, they don’t have to disclose foreign assets to Indian tax authorities. 
 
According to text messages, 80,000 Indians have applied for residency certificate in Dubai and other nations. 
 
Though employers and companies do exist, the persons receiving the letters have no intention to join the firms as employees. All required is a job offer letter which would be used to claim residency status in the respective countries. 
 Modi has promised to bring back <keyword id="670864" type="UNKNOWN" weightage="80" keywordseo="Black-money-stashed-abroad">black money stashed abroad</keyword>. Although there is no official estimate of the amount of money illegally deposited abroad, as per a Washington-based think-tank India suffered $344 billion in illicit fund outflows between 2002 and 2011.

You Searched For "foreign exchange management act" and got 10 results

India’s markets regulator could soon allow the direct listing of Indian companies on foreign stock exchanges

Dilsher Dhillon

Enforcement Directorate files case against BBC for irregularities in foreign funds

ANI

ED send notices to crypto firms — CoinSwitch, CoinDCX to probe any foreign exchange violations

IANS

Karnataka High Court allows Xiaomi to take overdraft for payments, restricts royalty payment

IANS

Xiaomi says it is disappointed after ₹5,551.27 crore seizure order is upheld, claims the remittances are legitimate

Sourabh Jain

Vivo ED raids: Two Chinese directors of a related company flee

IANS

ED attaches three properties of Hero Motocorp CMD & Chairman Pawan Munjal

IANS

RBI proposes rationalising regulations on export, import transactions

PTI

Bank of Baroda is in deep, deep trouble! CBI, ED, SFIO all start probe into its Rs 6,100-cr black money transaction case

BI India Bureau

Wealthy Indians are exploring ways to hide black money. Know how

BI India Bureau

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