Govt clears 21 FDI proposals
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The government has cleared 21 foreign direct investment, proposals worth 1,027 crore rupees. According to a Finance Ministry's statement a total of 47 FDI proposals were taken up by the Foreign Investment Promotion Board, in a meeting held on 20th of last month. The Board deferred decisions on 17 applications and rejected nine. The next meeting will be held on the 20th of this month. Our Correspondent reports that the FDI inflows in the country during April-February 2010-11, dipped by 29 per cent compared to the corresponding period in the last fiscal.
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Centre allocates Rs 60 crore to J&K under RMSA
Central Government has allocated 60 crore rupees under Rashtriya Madhyamic Shiksha Abhiyan (RMSA) to Jammu and Kashmir. The amount is to be utilized for opening new schools and upgradation to High and Higher Secondary Schools with latest infrastructural facilities in every constituency. This was stated by J&K Minister for Revenue, Mr. Raman Bhalla while addressing a public gathering after inaugurating newly upgraded Government High School, Qasim Nagar at Bahu Fort, in the outskirts of Jammu city today. He said that 69 schools would be upgraded under the scheme. The Minister informed that 58 lakh rupees would be spent on construction of additional rooms and 15 lakh rupees for science laboratories in each newly upgraded high and higher secondary schools across the State.
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The Enforcement Directorate (ED) has imposed penalties of Rs 100 crore on Standard Chartered Bank, Rs 17 crore on Tamil Nadu Mercantile Bank Limited (TMBL) and Rs 35 crore on MGM Maran, then chairman and director of TMBL after finding them in contravention of provisions of Foreign Exchange Management Act, 1999 (FEMA), in a case relating to the unauthorised allocation of shares. The investigation under FEMA was taken up by ED based on a reference received from the Reserve Bank of India (RBI) t...
Non-Resident Indians (NRIs) can invest in India as per the following regulation of Foreign Exchange Management (Transfer or issue of Security by a person resident outside India) Regulations, 2000 dated May 3, 2000 as amended from time to time: As per Regulations 5(1), NRIs may invest in shares/Compulsorily Convertible Preference Shares (CCPS)/ Compulsorily Convertible Debentures (CCDs)/warrants/ partly paid up shares of an Indian company under Foreign Direct Investment (FDI) Scheme...
The Reserve Bank today imposed penalty on five foreign banks, including Deutsche Bank and Standard Chartered Bank, for violation of its instructions on reporting requirements of the FEMA. The three other banks are: Bank of America, Bank of Tokyo Mitsubishi and The Royal Bank of Scotland. RBI said they have been fined for violation of its instructions on reporting requirements of the Foreign Exchange Management Act, 1999 (FEMA). Germany's Deutsche Bank has been imposed fine of Rs 20,...
Holding out an olive branch, the government today said persons using special window to declare assets abroad will be given immunity from prosecution under FEMA, Prevention of Money Laundering Act and four other laws. Also, persons not being informed of prior information with government on their assets abroad will be dealt under the Income Tax Act and not under the stringent Black Money law. The Frequently Asked Questions (FAQs) issued by Finance Ministry sai...
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to allow the Real Estate Investment Trusts (REITs) as an eligible financial instrument / structure under the Foreign Exchange Management Act (FEMA) 1999. The approval is expected to enable foreign investment inflows into the completed rent yielding real estate projects, which is, as of now, prohibited under the FEMA Regulations. As a result of this decision, entities registered and regul...
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