Congress can NOT upset Coalition Partner NCP, say its leaders!
Indian Holocaust My Father`s Life and Time - THREE HUNDRED Fifty Two
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Govt looking into telephone tapping issue
Political parties slammed the government for allegedly resorting
to snooping on leaders.
Phone tapping 'illegal and shameful: Left
Left parties accused the government of using intelligence
agencies to serve its political purpose.
BCCI mulling to form sub-committee to run IPL
BCCI is planning to form a small sub-committee to run the
Twenty20 league in future.
Panchayat an instrument to counter Maoists: PMMulayam hopeful of renewing ties with LeftBCCI didn't heed Shukla's warning in January'Hostile' Musharraf never wanted Bhutto to return to Pak| http://www.expressindia.com/ | More  |
ICICI Bank Q4 net up 79%
ICICI Bank reported that its consolidated net profit in the
Jan-Mar quarter jumped 79.27%.
Shareholders sue Goldman CEO
Two lawsuits are filed against Goldman Sachs CEO and other bank
officials related to fraud allegations.
Poverty specialist wins Baby Nobel
Esther Duflo, an MIT professor from France who finds unorthodox
ways to help the world's poor won the John Bates Clark medal.
Maruti sees decline in sales to European mktLyondell gets court nod to exit bankruptcyHDFC Bank Q4 net jumps 32%Indian Bank Q4 net up 4% at Rs 409.9 cr| More |
It is very painful to point out flaws: Sunidhi
Sunidhi Chauhan who has joined Anu Malik as a jury member of
'Indian Idol 5', feels, it is very painful to point out the...
TV divas travel back to roots in new reality show
From making cow-dung cakes to milking a cow, celebs are battling
it out living a thorough village life.
Scarlett's 'Black Widow' dress to leave tongues hanging!
Scarlett Johansson plays the role of Black Widow in 'Iron Man 2'
for which she has worn a skin-hugging bodysuit.
Lindsay Lohan calls father 'pathological liar'Katrina's hot ghagra choli look in 'Tees Maar Khan'Bollywood hopes for a summer splash post-IPLUnpopularity does not bother Victoria Beckham| More |
Deccan to bat against RCB
Deccan Chargers captain Adam Gilchrist won the toss and elected
to bat first against RCB.
I won't resign, let them sack me: Modi
A defiant Lalit Modi refused to resign from his post of IPL
Commissioner.
BCCI mulling to form sub-committee to run IPL
BCCI is planning to form a small sub-committee to run the
Twenty20 league in future.
Happy Birthday Sachin!BCCI didn't heed Shukla's warning in JanuaryBCCI rejects Modi's plea, says meeting as per scheduleI'm short on confidence: Yuvraj| More |
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1 - 10 of 64 results- Cricketers, politicians, stars wish Sachin on 37th ...
- MUMBAI: The controversies surrounding the Indian Premier League (IPL) took a backseat as ciricketers, Bollywood stars and politicians wished batting maestro Sachin Tendulkar a ...
- Economic Times
- ·
- 59 minutes ago
- BCCI mulling to form sub-committee to run IPL
- MUMBAI: Under-fire from all quarters in the wake of Lalit Modi's alleged financial irregularities in the running of the Indian Premier League, the Cricket Board is planning to form ...
- Economic Times
- ·
- 5 hours ago
- Big scam, but what's the story?
- 'Relevations' notwithstanding, crowds thronged at IPL fixtures. After 19 years of neo-liberal reforms scams are déjà vu. In other news, Dalit killings continue, BPL population ...
- Daily Pioneer
- ·
- 21 hours ago
- Email leak issue inaccurate: IPL
- The information was sought by Shashi Tharoor and was consequentlyprovided by Sundar Raman to Poorna Patel to send through onto him,said an IPL statement. "The information contained ...
- New Kerala
- ·
- 1 day ago
- Clash of interest: Board should put its foot down
- What does one write about a crisis that one had foreseen? Ever since the IPL was launched three years ago and accepted by the masses as a brand, which enhanced India's prestige ...
- Hindustan Times
- ·
- 21 hours ago
- My beefy baby
- LONDON : A mum who gorged on beef throughout her pregnancy has given birth to a whopping 13LB 15OZ boy. Sharon Needham's son Harry - who fits into outfits for three to six-month ...
- Kerala Kaumudi
- ·
- 1 day ago
- Govt defers Jaipur IPL's proposal to allow foreign ...
- NEW DELHI: The government on Friday said it has deferred a decision on allowing induction of 100% foreign equity in Jaipur IPL Cricket Pvt Ltd, one of the owners of Rajasthan ...
- IndiaTimes
- ·
- 23 hours ago
- NCP gets entangled in IPL mess
- NEW DELHI: NCP is getting sucked deeper into the cesspool of sordid allegations about IPL affairs, with the focus now firmly on the role of its two top leaders, party boss and ...
- IndiaTimes
- ·
- 1 day ago
- ED questions Modi twice in 24 hours
- ED questions Modi twice in 24 hours - Mumbai, April 22: Controversy-hit Indian Premier League (IPL) commissioner and chairman Lalit Modi was questioned by the Enforcement ...
- New Kerala
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- 1 day ago
- Multiple allegations about Praful email to Tharoor
- First, it was tweets that stumped the cricket world, and by association, politicians. Now, it's emails that are causing chaos for politicians, and by extension, the Indian Premier ...
- NDTV
- ·
- 22-04-2010
Probe on, taxing times for Kings XI
Probe on, taxing times for Kings XI 20 April 2010 ... tax to the tune of Rs 5.38 crore for the first IPL season ... Another report… Statesman 3 days agoChellaram's holding jumped 13 times in a year
Economic Times 4 days ago
Sundar Raman, CEO, IPL shares his thoughts on the Indian Premier League and the road ahead How would you assess IPL's progress as a platform — from Season 1 to ...
Publication: Economic Times Bangalore; Date: May 23, 2008; Section: Business Of Brands; ... carried out this survey from May 13 to May 15 across the eight cities that have IPL ...
The Economic Times blogs brings you in-depth analysis of all the latest developments and current affairs with views from leading columnists and editorials of ET newspaper.
Loyalty fails to win on IPL ad pitch Economic Times, India NEW DELHI: The Indian Premier League (IPL) has changed the concept of loyalty in cricket, both on and off the field.
IPL governing council members firm on Modi's exit…
17 hours agoIPL governing council members firm on Modi's exit Economic Times MUMBAI: The final match of IPL 2010 will be played on April 25 between Mumbai Indians and Chennai Super Kings in Navi ...
IPL | Indian Premier League | IPL ... idea in cricket in recent times. Such a league is based on free market system where the value of a player is determined by market economics.
Buzz about IPL brand clutter growing louder [The Economic Times, India] (Economic Times (India) Via Acquire Media NewsEdge) Mar. 11--NEW DELHI -- The Indian Premier League (IPL ...
Visa, politics no reason for Pak players missing IPL-3: India - Economic Times Indian Political News
Rajasthan Royals announced on January 8, 2010, a global alliance with four international cricket clubs to have a league of its own and create a 'Royals' franchise...
Just Continue stimulus packages for some time! False bailout and False Recession Exposes the Taxation and fiscal Policies! Reloaded taxation against the Rural Indigenous Aboriginal Masses as IPL Community gets every opportunity for Smuggling, Trans Border Transacton, Money Laundering, Tax Evasion, Swiss Bank Account, MOU, Deals and PPP partnership, Foreign Capital Inflow and FDI, Public Issues, Black Money Readjustment, Bail Out, concession- all Tax free. If the Casino Economics is the Fate of Brahmin Bania India, let it be continue. Let the Cricket Entertainment continue, let the Politicians have the Cut Money, Shares, Sweat Equity, Consession, Bed Partners, Commisions, Just TAX them and relieve us from this SIX Decade Burden of Taxation. Do Not Ban IPL! Rather make Global Betting and Cheerleaders Taxable. Night Carnivals Taxable. Prostitution Taxable!
INDIAN PROBLEM LEAGUE?
Too big to fail? IPL cricket in a spin
The IPL's dizzy rise to become cricket's richest tournament is under threat. Full Article | Video
Market Update
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| Nifty Jr | 10,975.45 | +24.90 | |
| TRX IN | 629.25 | +2.91 |
Flood situation worsens in Assam as Rest of the Country feeling the Heat of the Global Warming though Weather Forecast claims Normal Monsoon this year to BOOST the IPL Inflicted Economy so Resilient during global Recession!
Congress Woos Marxists Despite Phone Tapping just to Undermine Trade Union Movement so that Manusmriti Rule and Economic Reforms may Sustain. Bed Partners Quarrel i Public despite Sharing the same Bed. That is Why Lalit Modi Must be Sacked as Universal Media Edit Emphasises Corporate Management in IPL which MUST Continue as the Sovereignty of Market, Lumpen Capital Inflow, Trans border Transaction and White Wash of Black Money amidst Cosy Couch Carnival! Sack Lalit Modi to Save Sacred Politician Involved as Government of India Incs should not be Disturbed. Why Not TAX IPL Phenomenon top to Bottom and Generate Revenue to Relive the Masses kept in Enslavement, Bondage and darkness, Predestined for Economic Ethnic cleansing!
Today , Indian Express and Anand Bazaar Patrika published Edits with the same Theme song in Digital soundtrack, Nothing is wrong in Strategic Marketing and Free market Democracy, Economic Reforms should continue and the IPL Show Must Continue but with a Professional Corporate Management. Mind You , the Pet Toilet Media pushed for Contract Farming and Private Investment in Agriculture based on Second Green Revolution Blue Print.Media, OVER Fed with FDI has handed over its Editorial to Corporate management. News and Information have different Breaking News to get the targeted audience but the OPINION Sector is Professionally Corpoartised Wonderfully, Every Media, Print or Electronic Follow Suit and dare not Violet the Laxman Rekha of Market sovereignty. The Indian Prostitution League has become a Grand Black Hole without any CERN Experiment and gets Every democratic righteous thing in its Tummy!
My friends continue to enquire about ongoing Government Policy Making and legislation and administrative Updates, IPL sky is so much Cloudy that No ANTI People Anti National Activity within and outside Parliament may be recorded as we have no Minutes. Misinformation campaign is as supreme as Rothschild`s Mind Control and Hate Campaign. We never know about our Existence or the suitable Survival Kit in the Era of Indo Us Strategic Realliance, partnership in the War Against Terror, Monopolistic aggression and Corporate war, global Hindutva and Zionism Genome Remix, Knowledge economy and Spectrum IT!
The Masses feel Helpless as they may not Understand nor Feel the Governance. It is ANARCHY all round in the Sensex India. I have to interact with cross sections of the Masses as routine and may not help anyone any better as Public Address System already captured and you may not Change AASTHA, VARN, Jati, Manusmriti, SANSKAR, Parmpara and everyone believes in the Sacred Cows as we tend to worship all the THIRTY Three Vedic Gods and Goddesses , their Incarnations, semi Gods and Spiritual leaders not to mention all those SEXY, Bicep Rich Icons beautiful created to sustain the Unprecedented VEDIC Violence as hyped as Non Violence, social Security, Law and Order, Internal Security and Patriotism on Ethnonationalist line! I understand the Bleeding Hearts and the sentiments stressed indulging the majority Masses as I belong to the Deprived Persecuted roots personally. I have seen rainy days continuous for weeks. I had been THRASHED daily during my childhood as I could not help my Elders in Peasantry just because my engagement with Maths and Literature. I would sink in the books and as no body expected me to do any good in future and everybody saw me a Agrarian Labour just Shaping Up and Escaping!Every on is Troubled. Every Dream is Disturbed, destroyed. But our People Never know why. They Never know WHO They are and who CREATES all these calamity for Average man and Woman worldwide!My heart Bleeds when I see how these Innocent People are MISGUIDED, Misinformed and entire Political System is all about Betrayal and Misinformation, Provocation and False Passions.
What the Joint Parliamentary Committee and all kinds of Investigating may do the Wonder to any running Controversy is the SUCCESS Rate of Blocking the Running Commentary and News Breaks as Babri Mosque Demolition, Sikh Genocide, Mumbai Riots, Gujarat Genocide, Harshad Mehta case, Fodder Scam and every defence Deal Investigation and Every CBI enquiry result bring forth everytime without failure! And see!A senior IPS officer, who was a personal security officer of LK Advani in Ayodhya, told a special court that Faizabad Police had intelligence inputs that an attempt could be made to harm the Babri Masjid on December 6, 1992.Adwani is the Greatest Icon of the Opposition current Parliamentary politics. How may be Pawar and patel be Tried as Narendra Modi, Vasundhara Raje and Arun Jetly are sid to be deeply involved. RSS Muted and Bal Thakre had always been Loud as it is quite Manatory for the Phenomenon of Ethnonationalism in the Free market democracy to invoke Unprecedented Violence to defend the Interests of the Market Dominating Caste Hindu communities!
Just see the Bank Regulation Act be enacted and State bank of India lose the Rural National Network to Reliance, Tatas, Birla, sahara, ICICI, HDFC, CITI and others empowered with New banking License. SBI employees` association is just fighting against the Transfers!
BSNL Strike against the suggestion of Disinvestment and VRS for THREE lac employees withdrawn within Hours as the Trade Union Leaders struk a deal that the matter be shifted to Group of Ministers!
Coal India Companies have to be listed very soon. But the Trade Unions want to resolve the Disinvestment Problem seeking an appointment with the Real Master Blaster, Dr. Manmohan Singh!
Writers Building in Kolkata, welcomed the Butcher of Vietnam, Henry Kissinger on Red Carpet to have Foreign Investment and nuclear Reactors from United States of America. The Marxists also Welcomed Diplomats from Israel in the Writers to deal with the marxist Menace. Not to mention Nandigram, Singur, Nayachar, Lagargh, Haripur Junput! I may not understand why UPA should Tap the Phones of its so SEXY Bed Partners!
ICICI, HDFC Bank Q4 net up, eye credit pickup
By Sumeet Chatterjee and Bharghavi Nagaraju
MUMBAI (Reuters) - ICICI Bank and HDFC Bank, India's top two private sector lenders, said on Saturday quarterly profit grew by a third, and forecast strong growth in credit demand in a fast expanding economy.
ICICI, which posted its best quarterly profit growth in two years, expects credit growth of 16-20 percent in this financial year that began in April after seeing its loan book contract by 17 percent in 2009/10.
"Clearly, I see a very positive outlook for growth," Chief Executive Chanda Kochhar told reporters. "I expect in the system the credit growth to be strong. I expect for us also the credit growth to be strong and it has already commenced."
Kochhar said the bank saw signs of a strong revival in the January-March quarter itself with improving business and consumer confidence bringing back corporate, housing, auto and retail demand in Asia's third-largest economy.
Bank credit in India grew an annual 17.05 percent in early April, according to the central bank's provisional data, in tune with a rise in business and consumer confidence, from a low 9.7 percent in October and compared with 16.7 percent at end-March.
Analysts expect loan demand to pick up further in the first half of 2010/11 that started on April 1 as industries will need more funds to expand operations in an economy forecast to grow more than 8 percent in this fiscal year.
The central bank sees non-food credit growth of commercial banks at 20 percent in 2010/11, still a far cry from growth rates of above 30 percent in the pre-crisis period.
HDFC Bank's executive director Paresh Sukthankar said that the second-largest private sector lender expected to grow its loan book at a faster clip in the year to March 2011 than the central's bank target of 20 percent. Continued...
Key policy rates hiked
RBI raises key rates by 25 bps and says further hikes are likely as it moves to return monetary policy towards pre-crisis levels. Full Article | Full Coverage
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IMD forecasts normal rainfall
Rainfall is likely to be 98 percent of the long-term average, says the weather office. Full Article | Related Story
Reliance Q4 net rises
Reliance Industries posted a 30 percent rise in quarterly profit but lagged estimates. Full Article | Full Coverage
Plotting a post-crisis path
Need to find common ground on regulating banks, rebalancing global growth and giving fast-growing emerging economies more clout. Full Article | Related Story
Rivals smell blood
Soon after the news that Goldman Sachs is facing fraud charges, rivals seized on a chance to elbow in front of the bank. Full Article | Blog
What a relief for the HI Fi Ruling hegemony, habitual Shoppers Abroad and the NRIs as Normal flight operations to Europe from the Delhi airport resumed on Thursday. Flight operations to Europe and even US and Canada were disrupted for the last one week due to a volcanic eruption in Iceland! We may not understand the Disruption as we never dared to cross the Laxman Rekha of our status inflicted with Manusmriti not even for the most Provocative passions invloving the idea of Love, sex and Romance. The Japanese Oil, Viagra, Kamakshi and Kama Section of the Sensex India consisting the IPL Super Hospitality Class is so different from the Cattle Class, We are vertically being divided in the Classes of Haves and NOT Have thanks to LPG Mafia Ruling India!
Wading into the ongoing IPL controversy, MNS chief Raj Thackeray accused Union Minister and former BCCI chief Sharad Pawar for the mess in the T20 league.But Hindustan Times writes that Congress can't upset coalition partner NCP, say its leaders!
Just see!
The Congress has distanced itself from the email exchange between former minister Shashi Tharoor and Civil Aviation Minister Praful Patel, claiming it has nothing to do with the 'mud-slinging' between the ousted minister and the Nationalist Congress Party (NCP) on the IPL issue. "As a political party, the Congress has nothing to do with the business of cricket and the IPL. We also don't comment on our allies," Congress chief spokesman Janardan Dwivedi said.
According to Congress sources, whatever is coming out in the media is part of the tussle within the cricket establishment, consequent to IPL commissioner Lalit Modi's twitter attack on Tharoor and the events that followed. The sources insisted the Congress disengaged from the face-off the day Thaoor put in his papers and there is no room for speculation.
The party said it has nothing to gain from disturbing its alliance with the NCP. "Why should we take on our allies? We have been running successful coalition governments in Maharashtra for 11 years and at the Centre for six years aong with the NCP," a senior leader said. The alliance partners are also in power in Goa and Meghalaya.
Asked if NCP boss Sharad Pawar or Patel should resign in the wake of reports suggesting their involvement in the IPL mess, another senior leader said: "We cannot dictate terms to them. It is a judgement call to be taken by the NCP.".
Hindustan Times
indian Cricketgate
The monetary and fiscal stimulus packages should continue till there are signs that private demand has revived, India's chief statistician Pronab Sen said here Saturday.
'Stimulus packages on the fiscal front are being rolled back while mild steps are being taken to withdraw the monetary steps. We need concrete evidence of revival in demand before they are rolled back fully,' Sen told reporters on the sidelines of a seminar organised by the Merchants' Chamber of Commerce.
Sen, secretary in the ministry of statistics and programme implementation, said the nature of current investments and consumption pattern indicated that they were not sustainable.
There were no signs of fresh private investments yet. Investments that were taking place now were all those which were postponed when the global economic crisis took place, he said.
'What we are seeing since December is the bunching effect of investments being implemented simultaneously after they got deferred,' he added.
Sen said consumer durable sector had been growing at a healthy rate. He, however, expressed concern over poor growth in the non-durable sector, which makes continuation of demand growth unsustainable.
While the growth of non-durables in 2009-10 was just 1.6 percent, and below 1 percent over the last four months, consumer durables grew by 25.75 percent for the whole year.
'Consumer durables are essentially one-time purchases and most of the purchases got preponed as people expected hike in duties during the budget,' Sen said.
The gross domestic product (GDP) target for the current fiscal is 8 percent. But to achieve anything beyond that a complete recovery of global economic crisis is required.
'Domestic demand can sustain a growth rate of 7.5-8 percent but to achieve anything beyond that we need strong export market,' Sen said, adding that recovering lost ground in the export market would be a difficult job.
'Competition would be tough and orchestrated as all major global exporters like China, Japan and Germany have their back to the wall and will fight aggressively,' said Sen.
news
1 - 10 of 41 results- 33 foreign players paid illegally
- Rajasthan Royals among IPL teams that violated forex norms, says new I-T investigation report IPL owners and the Board of Control for Cricket in India (BCCI) seem to have taken the ...
- Mid Day.com
- ·
- 12 hours ago
- Press Notes: Legal Status?
- A Press Note is a policy document prepared and released by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry. Prior to the 1991 economic ...
- MoneyControl.com
- ·
- 1 day ago
- IPL associates under probe, tax raids in multiple ...
- MUMBAI/NEW DELHI: A probe into financial deals of the Indian Premier League (IPL) was broad-based on Wednesday with searches at offices of three of its event management and ...
- Economic Times
- ·
- 21-04-2010
- Income tax, Enforcement directorate officials meet over ...
- Mumbai: Was there a secret meeting between officials of the income tax (I-T) and enforcement directorate (ED)? It is learnt that the tax sleuths met in Mumbai recently to discuss ...
- Daily News and Analysis
- ·
- 20-04-2010
- Goldman faces pressure, reform momentum grows
- LONDON/NEW YORK: Goldman Sachs Group Inc faced rising regulatory and legal pressure on Monday as allegations that the bank duped clients fueled momentum for regulatory reform on ...
- Economic Times
- ·
- 19-04-2010
- Demolition drive at Janakpuri
- In a major demolition drive today, the MC removed encroachments from Kidwai Nagar, Mini Rose Garden and Janakpuri. Encroachments on public streets outside houses and shops were ...
- Tribune
- ·
- 19-04-2010
- EU regulators mull Goldman fraud charge fallout
- BRUSSELS/LONDON (Reuters) - If illegal practices are found to have taken place at Goldman Sachs, it will reinforce the need for Europe to act to regulate derivatives, EU market ...
- Reuters India
- ·
- 19-04-2010
- In an alphabet soup
- The most curious aspect of the unseemly public spat between the stock market regulator, SEBI, and insurance regulator, IRDA, was its timing. Tens of millions of small investors ...
- Indian Express
- ·
- 19-04-2010
- New Delhi, April 18
- The domestic market is unlikely to be heavily impacted by the American market watchdog's latest tirade against the Wall Street giant Goldman Sachs, say analysts. "The Goldman Sachs ...
- Tribune
- ·
- 18-04-2010
- Creeping Timeline: No Progress
- While Islamic banking isn't allowed, there are limited options for Islamic investments, which are doing well. However, there is no groundswell of demand. At 47%, credit-deposit ...
- Outlook India
- ·
- 18-04-2010
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Flood situation worsens in Assam
Flood situation in Assam worsened today with water level of the Brahmaputra and its tributaries showing a rising trend and affecting more than 1.5 lakh people, official sources said. Road communication to Arunachal Pradesh through Lakhimpur and Dhemaji has also been disrupted following deteriorating flood situation caused by incessant rainfall, they said.
The flood-prone Dhemaji district was cut off from the rest of the country with the rising water of Jiadhol river breaching two embankments and submerging National Highway-5. In neighbouring Lakhimpur district, the situation remained critical with more than 50 villages affected and flood water inundating roads and bridges in various places.
The Brahmaputra and its tributary Dihing, which were flowing above the danger level, have flooded 10 villages in Dibrugarh district, they said. The situation in Tinsukia, where two boatmen had drowned yesterday, was also critical.
Flood waters have wrecked havoc inside Dibru-Saikhowa National Park in the district forcing animals to flee to the highlands inside the forest. The state government has directed all district deputy commissioners to be on a high alert and maintain strict vigil on vulnerable parts of embankments and take measures to repair probable breaches, they added.
Maoists damage vehicles, block roads in Andhra
Maoists today damaged two vehicles including one belonging to state police and blocked roads by chopping down trees in Andhra Pradesh''s Visakhapatnam district, police said. Two vehicles were burnt by CPI (Maoist) ultras on Chintalamma and Koyyur ghat road in Koyyur mandal in the wee hours of today, Visakhapatnam district Superintendent of Police Vineet Brij Lal, told PTI over phone.
The ultras chopped off several trees on Koyyur ghat road resulting in road blockades. Vehicular traffic between Visakhapatnam and East Godavari districts came to a standstill even as efforts were underway to clear the path.
Roads were dug out at some places and banners posted to protest against the ''Operation Green Hunt''. The Maoists have given a 48-hours bandh call in Malkangiri district and other areas of Orissa bordering Andhra Pradesh in protest against ''Operation Green Hunt''.
"Security has been tightened in the area. A search operation has been launched and additional forces are being sent to the area to nab the ultras," the SP said.
Tendulkar bags IPL's best batsman and captain's award
Mumbai Indians skipper Sachin Tendulkar, who turns 37 Saturday, bagged the awards for best batsman and best captain at the glitzy Sahara Indian Premier League (IPL) Awards ceremony here.The glittery event at the Grand Hyatt Friday night, however, was not attended by many of the top bosses in the Board of Control for Cricket in India (BCCI). Only former board president Inderjit Singh Bindra, who is principal advisor to the International Cricket Council (ICC), and Sunil Gavaskar from the governing council turned up for the show.
Tendulkar won the awards for leading Mumbai Indians to the final of the IPL and also for being the highest run scorer this season in the Twenty20 league.
Leading wicket taker Pragyan Ojha of defending champions Deccan Chargers was adjudged as the best bowler while West Indies' Keiron Pollard, Mumbai Indians' costliest buy in this year's auction, got the award for the best debut performance.
The IPL awards jury was chaired by commissioner Lalit Modi and other members of the board were Gavaskar, Brian Lara, Javagal Srinath, Simon Taufel and Harsha Bogle
IPL Jury Awards:
Best Debut Performance: Kieron Pollard (Mumbai Indians)
Best Batsman: Sachin Tendulkar (Mumbai Indians)
Best Bowler: Pragyan Ojha (Deccan Chargers)
Best Dramatic Performance: Harbhajan Singh (Mumbai Indians)
Most Consistent Performer: Jacques Kallis (Royal Challengers Bangalore)
Best Breakthrough Performance 2008: Brendon McCullum (Kolkata Knight Riders)
Best Breakthrough Performance 2009: Anil Kumble (Royal Challengers Bangalore)
Best Fielder: AB de Villiers (Delhi Daredevils)
Best Ground: M Chinnaswamy Stadium, Bangalore
Best Stadium Experience: DY Patil Stadium, Navi Mumbai
Viewers' Choice Awards
Best Catch: David Hussey (Kolkata Knight Riders)
Best Batsman: Sachin Tendulkar (Mumbai Indians)
Best Captain: Sachin Tendulkar (Mumbai Indians)
Best Bowler: Pragyan Ojha (Deccan Chargers)
Best Commentator: Ravi Shastri
Most Stylish Player: Robin Uthappa (Royal Challengers Bangalore)
Most Fan-Friendly Cricketer: Adam Gilchrist (Deccan Chargers)
Best Fielder: Suresh Raina (Chennai Super Kings)
Statistical Awards
Most Economical Bowler: Ravichandran Ashwin (Chennai Super Kings)
Fastest 100: Yusuf Pathan (Rajasthan Royals)
Highest Percentage of Runs Scored in Boundaries: Virender Sehwag (Delhi Daredevils)
IPL Captains' Award
Indian Cricketing Legend I Would Want in my Team: Kapil Dev
Economic recovery still fragile: IMF
The International Monetary Fund (IMF) has said the world is still a dangerous place and the recovery, though sooner than expected, is still fragile.
"The world is still a dangerous place and I would not like that too many people have in mind that the crisis is over, that everything is behind us, and that we can go back to business as usual," IMF Managing Director Dominique Strauss-Kahn said at a news conference here on Thursday.
Strauss-Kahn said there are several challenges that need to be met.
"The first is that in a number of countries unemployment continues to rise and so we cannot in any way assume that the crisis is behind us.
In some countries, not in all, and some advanced countries, unemployment continues to rise," he said.
The second challenge, he said, was that the recovery, though certainly there, is fragile within the G-7, and among the advanced countries in general.
"So long as private demand remains what it is, we know that public policy will have to remain vigilant for the crisis to move on to stronger terrain," he said.
Observing that the risks of future crises remain latent, he said there is, of course, also the question of public indebtedness.
"I would like to underscore that our judgment here at the IMF is that for the advanced countries the ratio of debt to GDP before the crisis and to 2014 will go from 14 per cent.
So, there is an economic slowdown," the IMF chief said in response to a question.
He said because of the stimulus, there has been more growth and that has led to less indebtedness than would otherwise have been the case.
"But that does not mean that we must not in any event continue to move toward more sustainable levels of indebtedness," he said.
Strauss-Kahn said in advanced economies, unemployment is still very high and in some countries still rising, that private demand is still weak, and the financial sector is still not repaired.
"When we look at emerging countries, the main concern is about capital inflows because of the huge amount of liquidity available in the global economy, and the fact that there is some reluctance to invest in advanced economies--Europe, United States, even Japan--so huge capital is going into emerging countries, creating risks of asset price bubbles and different kinds of risks linked to this kind of capital inflows," he said.
Sat, Apr 24 08:15 PM
Enlarge Photo A Goldman Sachs sign is seen at the New York Stock Exchange April 21, 2010.... Goldman Sachs Group Inc officials discussed making "serious money" in 2007 off the subprime crisis as mortgages were starting to falter in rapid numbers, according to a collection of e-mails released by a Senate panel on Saturday.
"Of course we didn't dodge the mortgage mess. We lost money, then made more than we lost because of shorts," Goldman Sachs Chief Executive Lloyd Blankfein said in an e-mail dating from November 2007.
"Sounds like we will make some serious money," said Goldman Sachs executive Donald Mullen in a separate series of e-mails from October 2007 about the performance of deteriorating second-lien positions in a collateralized debt obligation, or CDO.
The Senate Permanent Subcommittee on Investigations is holding a hearing on Tuesday with Blankfein and other Goldman executives, scheduled to testify about the role Goldman Sachs played in the financial crisis. The firm has been sued for civil fraud by the Securities and Exchange Commission over its marketing of a CDO.
Commenting on the emails, Senator Carl Levin, chairman of the subcommittee, said that they showed Goldman "made a lot of money by betting against the mortgage market."
"Investment banks such as Goldman Sachs were not simply market-makers, they were self-interested promoters of risky and complicated financial schemes that helped trigger the crisis," Levin said in a statement.
A representative of Goldman could not immediately be reached for comment.
Goldman plans to argue at Tuesday's hearing that it was unsure where housing prices were headed and did not act against its clients' interests, according to an internal document.
The investment bank did acknowledge shorting mortgage-related products at times, but says its decisions were prompted "not by any collective view of what would happen next, but rather by fear of the unknown."
(Reporting by Dan Margolies and Karey Wutkowski; Editing by Tim Dobbyn)
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Shah Rukh and Shilpa want IPL controversy to end soon
New Delhi: Their IPL franchises under the Income tax department scanner, Bollywood actors Shah Rukh Khan and Shilpa Shetty want the early resolution of the controversy surrounding the Twenty20 extravaganza.
Khan, the co-owner of the Kolkata Knight Riders termed the controversy as noisy.
"IPL controversy: fast, furious and too much noise. Like the Twenty20 itself. Hope it gets resolved as fast too for our friend Lalit and franchises," Shah Rukh wrote on his twitter page.
Shilpa, who co-owns Rajasthan Royals, was more aggressive in her tweet. "Full and fair investigation of IPL will compel loud -mouths to shut up by realising true value of sixth largest sporting event in the world," Shilpa wrote in her reply to Royal Challengers Bangalore franchise owner Vijay Mallya.
The controversy began when IPL Commissioner Lalit Modi revealed the shareholding pattern of the new Kochi franchise on twitter, breaching the confidentiality clause of the contract with the owners.
The first casualty of the controversy was Minister of state for External Affairs Shashi Tharoor as he was alleged to have helped his friend Sunanda Pushkar in getting 70 crore sweat equity in Kochi franchise.
Modi himself is staring exit from the tournament because of his style of functioning. There are allegations Modi has hidden stakes in many franchises. The Income Tax department and the Enforcement Directorate are probing into the funding of the tournament and have launched a survey, visiting most of the franchise offices across the nation to check details and documents.
The BCCI has already said that it will not hesitate to take harsh decisions to protect its image. The board has been in damage control mode ever since the controversy began and there were indications that the BCCI would remove Modi from his post at the IPL Governing Council meeting on April 26.
Source: PTI
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Sat, Apr 24 08:05 PM
Enlarge Photo A vehicle passes a life insurance bill board of Prudential-ICICI, in Mumbai in this September... ICICI Bank and HDFC Bank, India's top two private sector lenders, said on Saturday quarterly profit grew by a third, and forecast strong growth in credit demand in a fast expanding economy.
ICICI, which posted its best quarterly profit growth in two years, expects credit growth of 16-20 percent in this financial year that began in April after seeing its loan book contract by 17 percent in 2009/10.
"Clearly, I see a very positive outlook for growth," Chief Executive Chanda Kochhar told reporters. "I expect in the system the credit growth to be strong. I expect for us also the credit growth to be strong and it has already commenced."
Kochhar said the bank saw signs of a strong revival in the January-March quarter itself with improving business and consumer confidence bringing back corporate, housing, auto and retail demand in Asia's third-largest economy.
Bank credit in India grew an annual 17.05 percent in early April, according to the central bank's provisional data, in tune with a rise in business and consumer confidence, from a low 9.7 percent in October and compared with 16.7 percent at end-March.
Analysts expect loan demand to pick up further in the first half of 2010/11 that started on April 1 as industries will need more funds to expand operations in an economy forecast to grow more than 8 percent in this fiscal year.
The central bank sees non-food credit growth of commercial banks at 20 percent in 2010/11, still a far cry from growth rates of above 30 percent in the pre-crisis period.
HDFC Bank's executive director Paresh Sukthankar said that the second-largest private sector lender expected to grow its loan book at a faster clip in the year to March 2011 than the central's bank target of 20 percent.
The central bank raised policy rates by a quarter-point for the second month in a row last Tuesday, but commercial banks are unlikely to increase their lending rates in the near term because of large deposit base.
"I don't see any immediate reason to increase lending rates, but over this financial year clearly there is an upward bias on the interest rates so some increase over the year is not ruled out," Kochhar said.
Shares in ICICI Bank, valued at nearly $24.5 billion, have risen 11.4 percent this year and HDFC has gained over 14 percent, beating the sector index. The main Mumbai market is up 1.3 percent.
For a related graphic, click:
http://graphics.thomsonreuters.com/10/IN_BNKSB0410.jpg
ICICI MISSES FORECAST, HDFC BEATS
ICICI, India's No. 2 lender after state-run State Bank of India, said January-March net profit rose 35 percent to 10.06 billion rupees ($227 million) from 7.44 billion rupees a year earlier.
Net interest income, the difference between interest earned and interest paid, rose by 5 percent to 21.39 billion rupees. The net interest margin, a key measure of efficiency, was at 2.6 percent, unchanged from the preceding quarter.
A Reuters poll of analysts had forecast net profit of 10.89 billion rupees and net interest income of 21.08 billion rupees.
ICICI said earning was helped by fee income that rose 13 percent in the March quarter to 15.21 billion rupees and a 6 percent drop in costs. Increase in current and savings accounts that cost zero to 3.5 percent also boosted profit.
HDFC Bank exceeded forecast with a 32.6 percent rise in March quarter profit to 8.37 billion rupees, as its advances saw a 27 percent jump in the year to March. A Reuters poll had projected net profit at 8.15 billion rupees for the bank.
Both ICICI and HDFC Bank said they were seeing an improvment in their asset quality, as strong economic and corporate growth reduces the pace of loan defaults and banks pare their focus on unsecured loans such as personal loans and credit cards.
(Editing by William Hardy)
ICICI Q4 net up 35 pct
ICICI, which posted its best quarterly profit growth in two years, expects credit growth of 16-20 percent in this financial year after seeing its loan book contract by 17 percent in 2009/10. Full Article | Full Coverage
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WASHINGTON (Reuters) - Goldman Sachs Group Inc officials discussed making "serious money" in 2007 off the subprime crisis as mortgages were starting to falter in rapid numbers, according to a collection of e-mails released by a Senate panel on Saturday. Full Article
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BANGKOK (Reuters) - Thai Prime Minister Abhisit Vejjajiva on Saturday rejected a new, compromise offer by anti-government red-shirt demonstrators to end weeks of increasingly violent protests in return for early polls. Full Article
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Volvo and others are planning to launch clean-energy cars in China. Full Article
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Reserve Bank
Foreign Exchange Regulation Act 1973
Foreign Exchange Regulation Act, 1973 (46 of 1973)
[As amended by the Foreign Exchange Regulation (Amendment) Act, 1993] (29 of 1993)
An Act to consolidate and amend the law regulating certain payments, dealings in foreign exchange and securities, transactions indirectly affecting foreign exchange and the import and export of currency, for the conservation of the foreign exchange resources of the country and the proper utilisation thereof in the interests of the economic development of the country.Be it enacted by Parliament in the Twenty-fourth Year of the Republic of India as follows :-
- Short title, extent, application and commencement
- This Act may be called the Foreign Exchange Regulation Act, 1973.
- It extends to the whole of India.
- It applies also to all citizens of India outside India and to branches and agencies outside India of companies or bodies corporate, registered or incorporated in India.
- It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint in this behalf:Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.
- DefinitionsIn this Act, unless the context otherwise requires, -
- "Appellate Board" means the Foreign Exchange Regulation Appellate Board constituted by the Central Government under sub-section(1)of section 52;
- "authorised dealer" means a person for the time being authorised under section 6 to deal in foreign exchange;
- "bearer certificate" means a certificate of title to securities by the delivery of which (with or without endorsement) the title to the securities is transferable;
- "certificate of title to a security" means any document used in the ordinary course of business as proof of the possession or control of the security, or authorising or purporting to authorise, either by an endorsement or by delivery, the possessor of the document to transfer or receive the security thereby represented;
- "coupon" means a coupon representing dividends or interest on a security;The provisions of F.E.R. (Amendment) Act, 1993 (hereafter referred to as Act 29 of 1993) came into force on the 8th day of January 1993.
- "currency" includes all coins, currency notes, banks notes, postal notes, postal orders, money orders, cheques, drafts, traveller's cheques, letters of credit, bills of exchange and promissory notes;
- "foreign currency" means any currency other than Indian currency;
- "foreign exchange" means foreign currency and includes -
- all deposits, credits and balances payable in any foreign currency, and any drafts, traveller's cheques, letters of credit and bills of exchange, expressed or drawn in Indian currency but payable in any foreign currency;
- any instrument payable, at the option of the drawee or holder thereof or any other party thereto, either in Indian currency or in foreign currency or partly in one and partly in the other;
- "foreign security" means any security created or issued elsewhere than in India, and any security the principal of or interest on which is payable in any foreign currency or elsewhere than in India;
- Deleted by Act 29 of 1993
- "Indian currency" means currency which is expressed or drawn in Indian rupees but does not include special bank notes and special one-rupee notes issued under section 28A of the Reserve Bank of India Act, 1934;
- "Indian custom waters" means the waters extending into the sea to a distance of twelve nautical miles measured from the appropriate base line on the coast of India and includes any bay, gulf, harbour, creek or tidal river;
- "money-changer" means a person for the time being authorised under section 7 to deal in foreign currency;
- "overseas market", in relation to any goods, means the market in the country outside India and in which such goods are intended to be sold;
- "owner", in relation to any security, includes any person who has power to sell or transfer the security, or who has the custody thereof or who receives, whether on his own behalf or on behalf of any other person, dividends or interest thereon, and who has any interest therein, and in a case where any security is held on any trust or dividends or interest thereon are paid into a trust fund, also includes any trustee or any person entitled to enforce the performance of the trust or to revoke or vary, with or without the consent of any other person, the trust or any terms thereof, or to control the investment of the trust moneys;
- "person resident in India" means -
- a citizen of India, who has, at any time after the 25th day of March, 1947, been staying in India but does not include a citizen of India who has gone out of, or stays outside, India, in either case--
- for or on taking up employment outside India, or
- for carrying on outside India a business or vocation outside India, or
- for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period;
- a citizen of India, who having ceased by virtue of paragraph (a) or paragraph (b) or paragraph (c) of sub-clause (I) to be resident in India, returns to, or stays in, India, in either case -
- for or on taking up employment in India, or
- for carrying on in India a business or vocation in India, or
- for any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period;
- a person, not being a citizen of India, who has come to, or stays in, India, in either case -
- for or on taking up employment in India, or
- for carrying on in India a business or vocation in India, or
- for staying with his or her spouse, such spouse being a person resident in India, or
- for any other purposes, in such circumstances as would indicate his intention to stay in India for an uncertain period;
- a citizen of India, who, not having stayed in India at any time after the 25th day of March, 1947, comes to India for any of the purposes referred to in paragraphs (a), (b) and (c) of sub-clause (iii) or for the purpose and in the circumstances referred to in paragraph (d) of that sub-clause or having come to India stays in India for any such purpose and in such circumstances.Explanation - A person, who has, by reason only of paragraph (a) or paragraph (b) or paragraph (d) of sub-clause (iii) been resident in India, shall, during any period in which he is outside India, be deemed to be not resident in India;
- "person resident outside India" means a person who is not resident in India;
- "precious stone" includes pearl and semi-precious stone and such other stone or gem as the Central Government may for the purposes of this Act, notify in this behalf in the Official Gazette;
- "prescribed" means prescribed by rules made under this Act;
- "Reserve Bank" means the Reserve Bank of India;
- "security" means shares, stocks, bonds, debentures, debenture stock, Government securities as defined in the Public Debt Act, 1944, savings certificates to which the Government Savings Certificates Act, 1959 applies, deposit receipts in respect of deposits of securities, and units or sub-units of unit trusts and includes certificates of title to securities, but does not include bills of exchange or promissory notes other than Government promissory notes;
- Deleted by Act 29 of 1993
- "transfer", in relation to any security, includes transfer by way of loan or security. Classes of officers of Enforcement
- There shall be the following classes of officers of Enforcement, namely:-
- Directors of Enforcement;
- Additional Directors of Enforcement;
- Deputy Directors of Enforcement;
- Assistant Directors of Enforcement; and
- such other class of officers of Enforcement as may be appointed for the purposes of this Act.
- Appointment and powers of officers of Enforcement
- The Central Government may appoint such persons as it thinks fit to be officers of Enforcement.
- Without prejudice to the provisions of sub-section (1), the Central Government may authorise a Director of Enforcement or an Additional Director of Enforcement or a Deputy Director of Enforcement or an Assistant Director of Enforcement to appoint officers of Enforcement below the rank of an Assistant Director of Enforcement.
- Subject to such conditions and limitations as the Central Government may impose, an officer of Enforcement may exercise the powers and discharge the duties conferred or imposed on him under this Act.
- Entrustment of functions of Director
- The Central Government may, by order and subject to such conditions and limitations as it thinks fit to impose, authorise any officer of customs or any Central Excise Officer or any police officer or any other officer of the Central Government or a State Government to exercise such of the powers and discharge such of the duties of the Director of Enforcement or any other officer of Enforcement under this Act as may be specified in the order.
- Authorised dealers in foreign exchange
- The Reserve Bank may, on an application made to it in this behalf, authorise any person to deal in foreign exchange.
- An authorisation under this section shall be in writing and -
- may authorise transactions of all descriptions in foreign currencies or may be restricted to authorising dealings in specified foreign currencies only;
- may authorise dealings in all foreign currencies or may be restricted to authorising specified transactions only;
- may be granted to be effective for a specified period, or within specified amounts;
- may be granted subject to such conditions as may be specified therein.
- Any authorisation granted under sub-section (1) may be revoked by the Reserve Bank at any time if the Reserve Bank is satisfied that, -
- it is in the public interest to do so; or
- the authorised dealer has not complied with the conditions subject to which the authorisation was granted or has contravened any of the provisions of this Act or of any rule, notification, direction or order made thereunder:Provided that no such authorisation shall be revoked on the ground specified in clause (ii) unless the authorised dealer has been given a reasonable opportunity for making a representation in the matter.
- Any authorised dealer shall, in all his dealings in foreign exchange and in the exercise and discharge of the powers and of the functions delegated to him under section 74, comply with such general or special directions or instructions as the Reserve Bank may, from time to time, think fit to give, and, except with the previous permission of the Reserve Bank, an authorised dealer shall not engage in any transaction involving any foreign exchange which is not in conformity with the terms of his authorisation under this section.
- An authorised dealer shall, before undertaking any transaction in foreign exchange on behalf of any person, require that person to make such declarations and to give such information as will reasonably satisfy him that the transaction will not involve, and is not designed for the purpose of, any contravention or evasion of the provisions of this Act or of any rule, notification, direction or order made thereunder, and where the said person refuses to comply with any such requirement or makes only unsatisfactory compliance therewith, the authorised dealer shall refuse to undertake the transaction and shall, if he has reason to believe that any such contravention or evasion as aforesaid is contemplated by the person, report the matter to the Reserve Bank.
- Money-changers
- The Reserve Bank may, on an application made to it in this behalf, authorise any person to deal in foreign currency.
- An authorisation under this section shall be in writing and -
- may authorise dealings in all foreign currencies or may be restricted to authorising dealings in specified foreign currencies only;
- may authorise transactions of all descriptions in foreign currencies or may be restricted to authorising specified transactions only;
- may be granted with respect to a particular place where alone the money changer shall carry on his business;
- may be granted to be effective for a specified period, or within specified amounts;
- may be granted subject to such conditions as may be specified therein.
- Any authorisation granted under sub-section (1) may be revoked by the Reserve Bank at any time if the Reserve Bank is satisfied that -
- it is in the public interest to do so; or
- the money-changer has not complied with the conditions subject to which the authorisation was granted or has contravened any of the provisions of this Act or of any rule, notification, direction or order made thereunder:Provided that no such authorisation shall be revoked on the ground specified in clause (ii) unless the money-changer has been given a reasonable opportunity for making a representation in the matter.
- The provisions of sub-sections (4) and (5) of section 6 shall, in so far as they are applicable, apply in relation to a money-changer as they apply in relation to an authorised dealer.Explanation - In this section, "foreign currency" means foreign currency in the form of notes, coins or traveller's cheques and "dealing" means purchasing foreign currency in the form of notes, coins or traveller's cheques or selling foreign currency in the form of notes or coins.
- Restrictions on dealing in foreign exchange
- Except with the previous general or special permission of the Reserve Bank, no person other than an authorised dealer shall in India, and no person resident in India other than an authorised dealer shall outside India, purchase or otherwise acquire or borrow from, or sell, or otherwise transfer or lend to or exchange with, any person not being an authorised dealer, any foreign exchange:Provided that nothing in this sub-section shall apply to any purchase or sale of foreign currency effected in India between any person and a money-changer.Explanation - For the purposes of this sub-section, a person, who deposits foreign exchange with another persons or opens an account in foreign exchange with another person, shall be deemed to lend foreign exchange to such other person.
- Except with the previous general or special permission of the Reserve Bank, no person, whether an authorised dealer or a money-changer or otherwise, shall enter into any transaction which provides for the conversion of Indian currency into foreign currency or foreign currency into Indian currency at rates of exchange other than the rates for the time being authorised by the Reserve Bank.
- Where any foreign exchange is acquired by any person, other than an authorised dealer or a money-changer, for any particular purpose, or where any person has been permitted conditionally to aquire foreign exchange, the said person shall not use the foreign exchange so acquired otherwise than for that purpose or, as the case may be, fail to comply with any condition to which the permission granted to him is subject, and where any foreign exchange so acquired cannot be so used or the conditions cannot be complied with, the said person shall, within a period of thirty days from the date on which he comes to know that such foreign exchange cannot be so used or the conditions cannot be complied with, sell the foreign exchange to an authorised dealer or to a money-changer.
- For the avoidance of doubt, it is hereby declared that where a person acquires foreign exchange for sending or bringing into India any goods but sends or brings no such goods or does not send or bring goods of a value representing the foreign exchange acquired, within a reasonable time or sends or brings any goods of a kind, quality or quantity different from that specified by him at the time of acquisition of the foreign exchange, such person shall, unless the contrary is proved, be presumed not to have been able to use the foreign exchange for the purpose for which he acquired it or, as the case may be, to have used the foreign exchange so acquired otherwise than for the purposes for which it was acquired.
- Nothing in this section shall be deemed to prevent a person from buying from any post office, in accordance with any law or rules made thereunder for the time being in force, any foreign exchange in the form of postal orders or money orders.
- Restrictions on payments
- Save as may be provided in and in accordance with any general or special exemption from the provisions of this sub-section which may be granted conditionally or unconditionally \by the Reserve Bank, no person in, or resident in, India shall -
- make any payment to or for the credit of any person resident outside India;
- receive, otherwise than through an authorised dealer, any payment by order or on behalf of any person resident outside in India.Explanation - For the purposes of this clause, where any person in, or resident in, India receives any payment by order or on behalf of any person resident outside India through any other person (including an authorised dealer) without a corresponding inward remittance from any place outside India, then, such person shall be deemed to have received such payment otherwise than through an authorised dealer;
- draw, issue or negotiate any bill of exchange or promissory note or acknowledge any debt, so that a right (whether actual or contingent) to receive a payment is created or transferred in favour of any person resident outside India;
- make any payment to, or for the credit of, any person by order or on behalf of any person resident outside India;
- place any sum to the credit of any person resident outside India;
- make any payment to, or for the credit of, any person or receive any payment for, or by order or on behalf of, any person as consideration for or in association with -
- the receipt by any person of a payment or the acquisition by any person of property outside India,
- the creation or transfer in favour of any person of a right (whether actual or contingent) to receive payment or acquire property outside India;
- draw, issue or negotiate any bill of exchange or promissory note, transfer any security or acknowledge any debt, so that a right (whether actual or contingent) to receive a payment is created or transferred in favour of any person as consideration for or in association with any matter referred to in clause (f).
- Nothing in sub-section (1) shall render unlawful -
- the making of any payment already authorised either with foreign exchange obtained from an authorised dealer or a money-changer under section 8 or with foreign exchange retained by a person in pursuance of an authorisation granted by the Reserve Bank;
- the making of any payment with foreign exchange received by way of salary or payment for services not arising from any business in, or anything done while in, India.
- Save as may be provided in, and in accordance with, any general or special exemption from the provisions of this sub-section, which may be granted conditionally or unconditionally by the reserve Bank, no person shall remit or cause to be remitted any amount from any foreign country into India except in such a way that the remittance is received in India only through an authorised dealer.
- Nothing in this section shall restrict the doing by any person of anything within the scope of any authorisation or exemption granted under this Act.
- For the purposes of this section and section 19, "security" includes coupons or warrants representing dividends or interest and life or endownment insurance policies.
- Blocked accounts
- Where an exemption from the provisions of section 9 is granted by the Reserve Bank in respect of payment of any sum to any person resident outside India and the exemption is made subject to the condition that the payment is made to a blocked account -
- the payment shall be made to a blocked account in the name of that person in such manner as the Reserve Bank may, by general or special order, direct;
- the crediting of that sum to that account shall, to the extent of the sum credited, be a good discharge to the person making the payment.
- No sum standing at the credit of a blocked account shall be drawn on except in accordance with any general or special permission which may be granted conditionally or otherwise by the Reserve Bank.
- In this section, "blocked account" means an account opened, whether before or after the commencement of this Act, as a blocked account at any office or branch in India of a bank authorised in this behalf by the Reserve Bank, or an account blocked, whether before or after such commencement, by order of the Reserve Bank.
- Deleted by Act 29 of 1983
- Deleted by Act 29 of 1993
- Restrictions on import and export of certain currency
- The Central Government may, by notification in the Official Gazette, order that, subject to such exemption, if any, as may be specified in the notification, no person shall, except with the general or special permission of the Reserve Bank and on payment of the fee, if any, prescribed, bring or send into India any foreign exchange or any Indian currency.Explanation - For the purposes of this sub-section, the bringing or sending into any port or place in India of any such article as aforesaid intended to be taken out of India without being removed from the ship or conveyance in which it is being carried shall nonetheless be deemed to be a bringing, or, as the case may be, sending, into India of that article.
- No person shall, except with the general or special permission of the Reserve Bank or the written permission of a person authorised in this behalf by the Reserve Bank, take or send out of India any Indian currency or foreign exchange other than foreign exchange obtained by him from an authorised dealer or from a money-changer.
- Acquisition by Central Government of foreign exchangeThe Central Government may, by notification in the Official Gazette, order every person in, or resident in, India -
- who owns or holds such foreign exchange as may be specified in the notification, to offer it, or cause it to be offered, for sale to the Reserve Bank on behalf of the Central Government or to such person, as the Reserve Bank may authorise for the purpose, at such price as the Central Government may fix, being a price which is not less than the price calculated at the rate of exchange for the time being authorised by the Reserve Bank;
- who is entitled to assign any right to receive such foreign exchange as may be specified in the notification, to transfer that right to the Reserve Bank on behalf of the Central Government on payment of such consideration therefor as the Central Government may fix having regard to the rate for the time being authorised by the Reserve Bank in pursuance of sub-section (2) of section 8 for conversion into Indian currency of the foreign currency in which such foreign exchange is expressed:Provided that the Central Government may, by the said notification or by a separate order, except any person or class of persons from the operation of the order made in the said notification:Provided further that nothing in this section shall apply to any foreign exchange acquired by a person from an authorised dealer or from a money-changer and retained by him with the permission of the Reserve Bank for any purpose.
- Deleted by Act 29 of 1993
- Duty of persons entitled to receive foreign exchange
- No person who has a right to receive any foreign exchange or to receive from a person resident outside India a payment in rupees shall, except with the general or special permission of the Reserve Bank, do or refrain from doing anything, or take or refrain from taking any action, which has the effect of securing -
- that the receipt by him of the whole or part of that foreign exchange or payment is delayed, or
- that the foreign exchange or payment ceases in whole or in part to be receivable by him.
- Where a person has failed to comply with the requirements of sub-section (1) in relation to any foreign exchange or payment in rupees, the Reserve Bank may give to him such directions as appear to be expedient for the purposes of securing the receipt of the foreign exchange or payment, as the case may be.
- Deleted by Act 29 of 1993
- Payment for exported goods
- The Central Government may, by notification in the Official Gazette, prohibit the taking or sending out by land, sea or air (hereafter in this section referred to as export) of all goods or of any goods or class of goods specified in the notification from India directly or indirectly to any place so specified unless the exporter furnishes to the prescribed authority a declaration in the prescribed form supported by such evidence as may be prescribed or so specified and true in all material particulars which, among others, shall include the amount representing -
- the full export value of the goods; or
- if the full export value of the goods is not ascertainable at the time of export, the value which the exporter, having regard to the prevailing market conditions, expects to receive on the sale of the goods in the overseas market, and affirms in the said declaration that the full export value of the goods (whether ascertainable at the time of export or not) has been, or will within the prescribed period be, paid in the prescribed manner.
- If the Central Government is of opinion that it is necessary or expedient in the public interest so to do, it may, by notification in the Official Gazette, specify any goods, from among those goods to which a notification under clause (a) applies, and direct that in respect of the goods so specified, where an exporter makes a declaration under sub-clause (ii) of clause (a) of the value which he, having regard to the prevailing market conditions expects to receive on the sale of such goods in the overseas market, he shall not, except with the permission of the Reserve Bank on an application made to the Reserve Bank by the exporter in this behalf, authorise or permit or allow or in any manner be a party to, the sale of such goods for a value less than that declared:Provided that no permission shall be refused by the Reserve Bank under this clause unless the exporter has been given a reasonable opportunity for making a representation in the matter:Provided further that where the exporter makes an application to the Reserve Bank for permission under this clause and the Reserve Bank does not, within a period of twenty days from the date of receipt of the application, communicate to the exporter that permission applied for has been refused, it shall be presumed that Reserve Bank has granted such permission.Explanation - In computing the period of twenty days for the purposes of the second proviso, the period, if any, taken by the Reserve Bank for giving an opportunity to the exporter for making a representation under the first proviso shall be excluded.
- Where any export of goods, to which a notification under clause (a) of sub-section (1) applies, has been made, no person shall, except with the permission of the Reserve Bank, do or refrain from doing anything, or take or refrain from taking any action, which has the effect of securing -
- in a case falling under sub-clause (i) or sub-clause (ii) of clause (a) of sub-section (1), -
- that payment for the goods -
- is made otherwise than in the prescribed manne or
- is delayed beyond the period prescribed under clause (a) of sub-section (1), or
- that the proceeds of sale of the goods exported do not represent the full export value of the goods subject to such deductions, if any, as may be allowed by the Reserve Bank; and
- in a case falling under sub-clause (ii) of clause (a) of sub-section (1), also that the sale of the goods is delayed to an extent which is unreasonable having regard to the ordinary course of trade:Provided that no proceedings in respect of any contravention of the provisions of this sub- section shall be instituted unless the prescribed period has expired and payment for the goods representing the full export value has not been made in the prescribed manner within the prescribed period.
- Where in relation to any goods to which a notification under clause (a) of sub-section (1) applies the prescribed period has expired and payment therefor has not been made as aforesaid, it shall be presumed, unless the contrary is proved by the person who has sold or is entitled to sell the goods or to procure the sale thereof, that such person has not taken all reasonable steps to receive or recover the payment for the goods as aforesaid and he shall accordingly be presumed to have contravened the provisions of sub-section (2).
- Where in relation to any goods to which a notification under clause (a) of sub-section (1) applies the prescribed period has expired and payment therefor has not been made as aforesaid, the Reserve Bank may give to any person who has sold the goods or who is entitled to sell the goods or procure the sale thereof, such directions as appear to it to be expedient for the purpose of securing -
- if the goods have been sold, the payment therefore, or
- if the goods have not been sold, either the sale of the goods and payment therefore as aforesaid, or the re-import of the goods into India as the circumstances permit, within such period as the Reserve Bank may specify in this behalf and without prejudice to the generality of the foregoing provision, may direct that the goods, the right to receive the payment therefore or any other right to enforce such payment shall be transferred or assigned to the Central Government or to a person specified in the directions.
- Where any goods or a right to receive payment or any other right to enforce such payment, are or is transferred or assigned in accordance with sub-section (4), the Central Government shall pay to the person transferring or assigning the same, the amount recovered by or on behalf of the Central Government in respect of the goods, after deducting all costs, charges and expenses incurred by the Central Government in selling the goods or in recovering or realising the amount in respect of such goods.
- Without prejudice to the provisions of sub-section(1), where the value of the goods specified in the declaration furnished under that sub-section is less than the amount which in the opinion of the Reserve Bank, in a case falling under sub-clause (i) of clause (a) of that sub-section, represents the full export value of those goods, or in a case falling under sub-clause (ii) of that clause, the value which the exporter can, having regard to the prevailing market conditions, expect to receive on the sale of the goods in the overseas market, the Reserve Bank may issue an order requiring the person holding the shipping documents to retain possession thereof until such time as the exporter of the goods has made arrangements for the Reserve Bank or a person authorised by the Reserve Bank to receive on behalf of the exporter payment in the prescribed manner of an amount which in the opinion of the Reserve Bank represents the full export value of such goods or the value which the exporter, having regard to theprevailing market conditions, can be expected to receive on the sale of the goods in the overseas market.
- For the purpose of ensuring compliance with provisions of this section and any order or direction made thereunder, the Reserve Bank or the prescribed authority referred to in sub-section (1) may require any person making any export of goods to which a notification under clause (a) of that sub-section applies to exhibit contracts with his foreign buyer or other evidence to show that the full export value of the goods, or, as the case may be, the value which the exporter, having regard to the prevailing market conditions, expects to receive on the sale of the goods in the overseas market, has been, or will within the prescribed period be, paid in the prescribed manner.
- Without prejudice to the provisions of sub-section (1), where the Reserve Bank has permitted any authorised dealer to accept for negotiation or collection of shipping documents covering exports from his constituent [not being a person who has signed the declaration in terms of sub-section (1)], such authorised dealer shall, before accepting such documents for negotiation or collection, require the constituent concerned also to sign such declaration and thereupon such constituent shall be bound to comply with such requisition and the original declarant and such constituent signing the declaration shall each be considered to be the exporter for the purposes of this section, and shall be governed by the provisions thereof accordingly.
- Without prejudice to the provisions of sub-section (1), in relation to export of goods to which a notification under clause (a) of that sub-section applies, the Reserve Bank may, for the purpose of ensuring that the full export value of the goods or, as the case may be, the value which the exporter, having regard to the prevailing market conditions, expects to receive on the sale of the goods in the overseas market, is received in proper time or without delay, by general or special order, direct from time to time, that in respect of export of goods to any destination or any class of export transactions or any class of goods or class of exporters, the exporter shall, prior to the export of the goods, comply with any or all of the following conditions as may be specified in the order, namely:-
- that any contract or other arrangement for the sale of the goods shall be registered in such manner and with such authority or organisation as may be specified in the order;
- that the payment for the goods is covered by an irrevocable letter of credit or by such other arrangement or document as may be specified in the order;
- that a copy of the declaration to be furnished to the prescribed authority under sub-section(1) shall be submitted to such authority or organisation as may be specified in the order for certifying that the value of the goods specified in such declaration represents the proper value thereof;
- that any declaration to be furnished to the prescribed authority under sub-section (1) shall be submitted to the Reserve Bank for its prior approval, which may, having regard to the circumstances, be given or withheld or may be given subject to such conditions as the Reserve Bank may deem fit to impose:Provided that no approval shall be withheld by the Reserve Bank under this clause unless the exporter has been given a reasonable opportunity for making a representation in the matter.
- Where the Central Government is of opinion that, in respect of any goods or class of goods or class of exporters, or in respect of export to any destination, the practice of exporting goods in accordance with any term to the effect that the goods will be sold on account of the exporter and the account of such sales rendered to the exporter has resulted or is likely to result in the full export value of the goods not being brought into India in the prescribed manner or within the prescribed period, it may, by general or special order, prohibit the export, in accordance with such term, of such goods or class of goods or by such exporters or to such destination.
- Payment for lease, hire or other arrangementNo person shall, except with the general or special permission of the Reserve Bank, take or send out by land, sea or air any goods from India to any place on lease or hire or under any arrangement other than sale or disposal in any other manner of such goods.
- Regulation of export and transfer of securities
- Notwithstanding anything contained in section 81 of the Companies Act, 1956, no person shall, except with the general or special permission of the Reserve Bank, --
- take or send any security to any place outside India;
- transfer any security, or create or transfer any interest in a security, to or in favour of a person resident outside India;
- Deleted by Act 29 of 1993;
- issue, whether in India or elsewhere, any security which is registered or to be registered in India, to a person resident outside India;
- acquire, hold or dispose of any foreign security.
- Where the holder of a security is a nominee, neither he nor any person through whose agency the exercise of all or any of the holder's rights in respect of the security is controlled shall, except with the general or special permission of the Reserve Bank, do any act, whereby he recognises or gives effect to the substitution of another person as the person from whom he directly receives instructions, unless both the person previously instructing and the person substituted for that person were, immediately before the substitution, resident in India.
- The Reserve Bank may, for the purpose of securing that the provisions of this section are not evaded, require that the person transferring any security and the person to whom such security is transferred shall subscribe to a declaration that the transferee is not resident outside India.
- Notwithstanding anything contained in any other law, no person shall, except with the permission of the Reserve Bank, -
- enter any transfer of securities in any register or book in which securities are registered or inscribed if he has any ground for suspecting that the transfer involves any contravention of the provisions of this section, or
- enter in any such register or book, in respect of any security whether in connection with the issue or transfer of the security or otherwise, an address outside India except by way of substitution for any such address in the same country or for the purpose of any transaction for which permission has been granted under this section with knowledge that it involves entry of the said address.
- Deleted by Act 29 of 1993
- Notwithstanding anything contained in any other law, no transfer of any share, bond or debenture of a company registered in India made by a person resident outside India or by a national of a foreign State to another person resident in India shall be valid unless such transfer is confirmed by the Reserve Bank on an application made to it in this behalf by the transferor or the transferee.
- If the Reserve Bank is of opinion that it is necessary or expedient in the public interest so to do, it may, by general or special permission exempt any transfer referred to in sub-section (5) or any class of such transfers from the operation of the provisions of that sub-section, subject to such conditions, if any, as may be specified in such permission.
- For the purposes of this section -
- "holder", in relation to a bearer security, means the person having physical custody of the security; provided that, where a bearer security is deposited with any person in a locked or sealed receptacle from which the person with whom it is deposited is not entitled to remove it without the authority of some other person, that other person shall be deemed to be the holder of the security;
- "nominee" means a holder of any security (including a bearer security) or any coupon representing dividends or interest who, as respects the exercise of any rights in respect of the security or coupon, is not entitled to exercise those rights except in accordance with the instructions given by some other person, and a person holding a security or coupon as a nominee shall be deemed to act as nominee for the person who is entitled to give instructions either directly or through the agency of one or more persons, as to the exercise by the holder of the security or coupon of any rights in respect thereof and is not, in so doing, himself under a duty to comply with instructions given by some other person.
- Deleted by Act 29 of 1993
- Deleted by Act 29 of 1993
- Restrictions on issue of bearer securitiesExcept with the general or special permission of the Reserve Bank, no person shall, in India,and no person resident in India shall, outside India, create or issue any bearer certificate or coupon or so alter any document that it becomes a bearer certificate or coupon.
- Deleted by Act 29 of 1993
- Restriction on settlement etc.No person resident in India shall, except with the general or special permission of the Reserve Bank, settle, or make a gift of, any property so that a person who at the time of the settlement or the making of the gift is resident outside India, elsewhere than in the territories notified in this behalf by the Reserve Bank, will have an interest in the property, or exercise any power for payment in favour of a person who at the time of the exercise of the power is resident outside India elsewhere than in such notified territories:Provided that any settlement or gift made or any power exercised as aforesaid without the permission of the Reserve Bank shall not be invalid merely on the ground that such permission has not been obtained.
Reserve Bank
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Foreign Exchange Management Act
From Wikipedia, the free encyclopedia
The Foreign Exchange Regulation Act of 1973 (FERA) in India was repealed on 1 June, 2000. It was replaced by the Foreign Exchange Management Act (FEMA), which was passed in the winter session of Parliament in 1999. Enacted in 1973, in the backdrop of acute shortage of Foreign Exchange in the country, FERA had a controversial 27 year stint during which many bosses of the Indian Corporate world found themselves at the mercy of the Enforcement Directorate (E.D.). Any offense under FERA was a criminal offense liable to imprisonment, whereas FEMA seeks to make offenses relating to foreign exchange civil offenses.
FEMA, which has replaced FERA, had become the need of the hour since FERA had become incompatible with the pro-liberalisation policies of the Government of India. FEMA has brought a new management regime of Foreign Exchange consistent with the emerging frame work of the World Trade Organisation (WTO). It is another matter that enactment of FEMA also brought with it Prevention of Money Laundering Act, 2002 which came into effect recently from 1 July, 2005 and the heat of which is yet to be felt as "Enforcement Directorate" would be invesitigating the cases under PMLA too.
Unlike other laws where everything is permitted unless specifically prohibited, under FERA nothing was permitted unless specifically permitted. Hence the tenor and tone of the Act was very drastic. It provided for imprisonment of even a very minor offence. Under FERA, a person was presumed guilty unless he proved himself innocent whereas under other laws, a person is presumed innocent unless he is proven guilty.
Contents[hide] |
[edit] Objectives and Extent of FEMA
The Intent of this Act is to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.
FEMA extends to the whole of India. It applies to all branches, offices and agencies outside India owned or controlled by a person who is a resident of India and also to any contravention there under committed outside India by any person to whom this Act applies.
Except with the general or special permission of the Reserve Bank of India, no person can :-
- deal in or transfer any foreign exchange or foreign security to any person not being an authorized person;
- make any payment to or for the credit of any person resident outside India in any manner;
- receive otherwise through an authorized person, any payment by order or on behalf of any person resident outside India in any manner;
- reasonable restrictions for current account transactions as may be prescribed.
Any person may sell or draw foreign exchange to or from an authorized person for a capital account transaction. The Reserve Bank may, in consultation with the Central Government, specify :-
- any class or classes of capital account transactions which are permissible;
- the limit up to which foreign exchange shall be admissible for such transactions
However, the Reserve Bank cannot impose any restriction on the drawing of foreign exchange for payments due on account of amortization of loans or for depreciation of direct investments in the ordinary course of business.
The Reserve Bank can, by regulations, prohibit, restrict or regulate the following :-
- transfer or issue of any foreign security by a person resident in India;
- transfer or issue of any security by a person resident outside India;
- transfer or issue of any security or foreign security by any branch, office or agency in India of a person resident outside India;
- any borrowing or lending in foreign exchange in whatever form or by whatever name called;
- any borrowing or tending in rupees in whatever form or by whatever name called between a person resident in India and a person resident outside India;
- deposits between persons resident in India and persons resident outside India;
- export, import or holding of currency or currency notes;
- transfer of immovable property outside India, other than a lease not exceeding five years, by a person resident in India;
- acquisition or transfer of immovable property in India, other than a lease not exceeding five years, by a person resident outside India;
- giving of a guarantee or surety in respect of any debt, obligation or other liability incurred
- (i) by a person resident in India and owed to a person resident outside India or
- (ii) by a person resident outside India.
A person, resident in India may hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident outside India or inherited from a person who was resident outside India.
A person resident outside India may hold, own, transfer or invest in Indian currency, security or any immovable property situated in India if such currency, security or property was acquired, held or owned by such person when he was resident in India or inherited from a person who was resident in India.
The Reserve Bank may, by regulation, prohibit, restrict, or regulate establishment in India of a branch, office or other place of business by a person resident outside India, for carrying on any activity relating to such branch, office or other place of business. Every exporter of goods and services must :-
- furnish to the Reserve Bank or to such other authority a declaration in such form and in such manner as may be specified, containing true and correct material particulars, including the amount representing the full export value or, if the full export value of the goods is not ascertainable at the time of export, the value which the exporter, having regard to the prevailing market conditions, expects to receive on the sale of the goods in a market outside India;
- furnish to the Reserve Bank such other information as may be required by the Reserve Bank for the purpose of ensuring the realization of the export proceeds by such exporter.
The Reserve Bank may, for the purpose of ensuring that the full export value of the goods or such reduced value of the goods as the Reserve Bank determines, having regard to the prevailing market-conditions, is received without any delay, direct any exporter to comply with such requirements as it deems fit.
Where any amount of foreign exchange is due or has accrued to any person resident in India, such person shall take all reasonable steps to realize and repatriate to India such foreign exchange within such period and in such manner as may be specified by the Reserve Bank.
Section 3: Except as provided in the FEMA Act, rules and RBI permission, no person shall: Deal in/ transfer any forex to any person not being an authorized person Make any payment to or for the credit of any non resident Receive otherwise through an authorized person, any payment by order or on behalf of any non resident Enter into any financial transaction in India as consideration for or in association with acquisition or creation or transfer of a right to acquire, any asset outside India by any person
[edit] Contraventions and Penalties
If any person contravenes any provision of this Act, or contravenes any rule, regulation, notification, direction or order issued in exercise of the powers under this Act, or contravenes any condition subject to which an authorization is issued by the Reserve Bank, he shall, upon adjudication, be liable to a penalty up to thrice the sum involved in such contravention where such amount is quantifiable, or up to two lakh rupees where the amount is not quantifiable, and where such contravention is a continuing one, further penalty which may extend to five thousand rupees for every day after the first day during which the contravention continues.
Any Adjudicating Authority adjudging any contravention may, if he thinks fit in addition to any penalty which he may impose for such contravention direct that any currency, security or any other money or property in respect of which the contravention has taken place shall be confiscated to the Central Government and further direct that the foreign exchange holdings, if any, of the persons committing the contraventions or any part thereof, shall be brought back into India or shall be retained outside India in accordance with the directions made in this behalf.
"Property" in respect of which contravention has taken place, shall include deposits in a bank, where the said property is converted into such deposits, Indian currency, where the said property is converted into that currency; and any other property which has resulted out of the conversion of that property.
If any person fails to make full payment of the penalty imposed on him within a period of ninety days from the date on which the notice for payment of such penalty is served on him, he shall be liable to civil imprisonment. -vivin vijay
[edit] Investigation
The Directorate of Enforcement investigate to prevent leakage of foreign exchange which generally occurs through the following malpractices :
- Remittances of Indians abroad otherwise than through normal banking channels, i.e. through compensatory payments.
- Acquisition of foreign currency illegally by person in India.
- Non-repatriation of the proceeds of the exported goods.
- Unauthorised maintenance of accounts in foreign countries.
- Under-invoicing of exports and over-invoicing of imports and any other type of invoice manipulation.
- Siphoning off of foreign exchange against fictitious and bogus imports.
- Illegal acquisition of foreign exchange through Hawala.
- Secreting of commission abroad.
[edit] Organisational Set Up and Functions Of Enforcement Directorate
Directorate of Enforcement has to detect cases of violation and also perform substantially adjudicatory functions to curb above malpractices.
The Enforcement Directorate, with its Headquarters at New Delhi has seven zonal offices at Bombay, Calcutta, Delhi, Jalandhar, Madras, Ahmedabad and Bangalore. The zonal offices are headed by the Deputy Directors. The Directorate has nine sub-zonal offices at Agra, Srinagar, Jaipur, Varanasi, Trivandrum, Calicut, Hyderabad, Guwahati and Goa, which are headed by the Assistant Directors. The Directorate has also a Unit at Madurai, which is headed by a Chief Enforcement Officer. Besides, there are three Special Directors of Enforcement and one Additional Director of Enforcement.
The main functions of the Directorate are as under:
- To collect and develop intelligence relating to violation of the provisions of Foreign Exchange Regulation Act and while working out the same, depending upon the circumstances of the case:
- To conduct searches of suspected persons, conveyances and premises for seizing incriminating materials (including Indian and foreign currencies involved) and/or.
- To enquire into and investigate suspected violations of provisions of the Foreign Exchange Management Act.
- To adjudicate cases of violations of Foreign Exchange Management Act for levying penalties departmentally and also for confiscating the amounts involved in contravent ions;
- To realise the penalties imposed in departmental adjudication.
[edit] Procedural Provisions
For enforcing the provisions of various sections of FEMA, 1999, the officers of Enforcement Directorate of the level of Assistant Director and above will have to undertake the following functions
- Collection and development of intelligence/information.
- Keeping surveillance over suspects.
- Searches of persons/vehicles by provisions of Income-tax Act, 1961.
- Searches of premises as per provisions of Income-tax Act, 1961.
- Summoning of persons for giving evidence and producing of documents as per provisions of Income-tax Act, 1961.
- Power to examine persons as per provisions of Income-tax Act,1961.
- Power to call for any information/document as per provisions of Income-tax Act, 1961.
- Power to seize documents etc. as per provisions of Income-tax Act, 1961.
- Custody of documents as per Income-tax Act, 1961.
- Adjudication and appeals - Officers of and above the rank of Dy Director of Enforcement, are cases of contravention of the provisions of the Act; these proceedings which are quasi-judicial in nature, start with the issuance of show cause notice; in the event of cause shown by the Notice-not being found satisfactory, further proceedings are held, vis. personal hearing, in which the noticee has a further right to present his defence, either in person or through any authorised representative; on conclusion of these proceedings, the adjudicating authority has to examine and consider the evidence on record, in its entirety and in case the charges not being found proved, the noticee is acquitted, and in the event of charges being found substantiated, such penalty, as is considered appropriate as per provisions of section 13 of the Act can be imposed, besides confiscation of amounts involved in these contraventions.
[edit] External links
- Reserve Bank of India FEMA website
- FEMA from the Finance Ministry
- Foreign Exchange Management Act
- FEMA for NRIs/ PIOs
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