Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Politics / Policy/  FEMA cases filed against 15 firms over Rs17,789 crore: Govt
BackBack

FEMA cases filed against 15 firms over Rs17,789 crore: Govt

Santosh Kumar Gangwar said the FEMA case has been registered against 15 companies that have received FDI from Mauritius, Singapore and Virgin Islands

ED has registered cases under the FEMA, 1999, against 15 companies over Rs17,789 crore, says minister of state for finance Santosh Kumar Gangwar. Photo: MintPremium
ED has registered cases under the FEMA, 1999, against 15 companies over Rs17,789 crore, says minister of state for finance Santosh Kumar Gangwar. Photo: Mint

New Delhi: The government has filed cases under the Foreign Exchange Management Act (FEMA) amounting to 17,789.9 crore against 15 companies that have received foreign direct investment (FDI) from tax havens like Mauritius, Singapore and Virgin Islands, the Parliament was informed on Friday.

“ED has registered cases under the Prevention of Money Laundering Act (PMLA), 2002, against one company for 18.27 crore and under the FEMA, 1999, against 15 companies amounting to 17,789.92 crore, which have received FDI from tax havens like Mauritius, France, Cyprus, Singapore, Virgin Islands, Luxembourg, Dubai and Tunisia," minister of state for finance Santosh Kumar Gangwar said in a written reply to the Lok Sabha.

In recent times, Gangwar said, the government has taken several steps, both by way of policy-level initiative and more effective enforcement action on the ground, to tackle tax evasion, particularly with reference to undisclosed foreign assets or income.

Replying to a separate query, the minister said, “The total quantity of destruction of illicit poppy cultivation for the calendar year 2016 (up to June) is 6,441.75 acres."

Turkey has emerged as largest exporter of poppy seeds for India. It exported 7,056 tonnes poppy seeds to India in 2015-16, he added. The Narcotics Drugs and Psychotropic Substances (NDPS) Act, 1985, prohibits illegal cultivation of opium and other narcotic products in the country.

A number of agencies have been empowered to carry out enforcement functions under the Act. To another query, Gangwar said in the first three months of the current fiscal, the Central Board of Direct Taxes (CBDT) has searched 125 groups and seized assets worth of 185 crore.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Politics News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 29 Jul 2016, 10:12 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App