Latest news with #FEMAAct
Time of India
11 hours ago
- Business
- Time of India
RBI issues draft regulations on forex guarantees
Mumbai: The Reserve Bank of India's (RBI) draft norms on foreign exchange guarantee say that an Indian citizen can't act as a surety, principal debtor, or creditor for a guarantee involving a current or capital account transaction without the central bank's permission. Independence Day 2025 Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji gave India its own currency Swadeshi 2.0: India is no longer just a market, it's a maker A resident India can provide guarantee only in case where it is not in contravention of the FEMA Act. Authorised dealers have not been allowed to give a letter of comfort or a letter of undertaking for a guarantee. An Indian resident acting as surety under these regulations shall report the guarantee including any change in the amount and invocation of such guarantee, if any, within seven days from the date of issuance/aforementioned change/invocation of guarantee. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Undo Indians who do not meet the reporting requirement have to also pay a late submission fee within seven days at the rates and in the manner as per the directions issued by the RBI. Such a facility of late payment fee is available only up to a period of three years from the due date of such reporting.
India Today
21-06-2025
- Business
- India Today
Rs 2,283 crore pan-India investment scam busted, 2 arrested in delhi
The Madhya Pradesh Special Task Force (STF) has unveiled a pan-India investment scam amounting to approximately Rs 2,283 crore. The authorities arrested two masterminds, Deepak Sharma and Madan Mohan Kumar, in the case from fraud involved duping thousands of investors across seven states under the guise of online trading platforms like BotBro, operated via shell firms Yorker FX and Yorker case came to light after a resident of Indore, Ishaan Saluja, filed a complaint claiming he was promised monthly returns of 6-8% on his Rs 20.18 lakh investment. Investigations revealed that the accused had been collecting funds from investors into the accounts of Rainet Technology Pvt Ltd and Kindent Business Solutions Pvt Ltd, later converting the money to USD for forex trading via Meta-5 STF has frozen around Rs 90 crore across over 20 suspicious bank investigation also revealed that Kindent Business Solutions Pvt Ltd declared a trial balance of Rs 1.10 crore for FY 2023-24 to the MCA (Ministry of Corporate Affairs), whereas actual transactions in its bank accounts from January 2023 to December 2024 total around Rs 7,020 Rainet Technology Pvt Ltd claimed a trial balance of Rs 7.80 crore for FY 2023–24, while transactions in the same period amounted to Rs 15,800 crore. Combined, both companies received approximately Rs 22,830 crore across 16 bank accounts, with funds later transferred to other unidentified companies operated without being registered with RBI or SEBI, violating multiple financial and regulatory Enforcement Directorate (ED) is also probing the case under the FEMA Act and the fraudulent BotBro website has since been taken accused have admitted to cheating people in Madhya Pradesh, Maharashtra, Uttar Pradesh, Rajasthan, Tamil Nadu, Himachal Pradesh and Watch IN THIS STORY#Madhya Pradesh
