281 cases taken up for investigation by ED regarding suspected FDI norm violations during Apr '19-Mar '22
Necessary action as per provisions of Foreign Exchange Management Act, 1999 (FEMA) has been taken, which includes issuance of show cause notices, adjudication and imposition of penalty, Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha.
About 281 cases have been taken up for investigation by the Directorate of Enforcement regarding suspected violations of foreign direct investment (FDI) norms all over the country during April 2019 to March this year, Parliament was informed on Wednesday.
Necessary action as per provisions of Foreign Exchange Management Act, 1999 (FEMA) has been taken, which includes issuance of show cause notices, adjudication and imposition of penalty, Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha.
In these cases, following the due process of adjudication, penalties of more than Rs 2,600 crore have been imposed under the FEMA, he said, adding the Reserve Bank of India (RBI) has done compounding of contraventions of FDI related FEMA provisions in total of 1,421 cases across the country during the last three years.
"During the period from April 01, 2019 to March 31, 2022, around 281 cases have been taken up for investigation by the Directorate of Enforcement (ED) under the provisions of the Foreign Exchange Management Act, 1999 regarding suspected violations of FDI norms all over the country including Rajasthan," Parkash said.
In a separate reply, an application for registration of geographical indication (GI) in the name of 'Hyderabad Lac Bangles' was filed on June 23.
"Being a quasi-judicial function, the processing of an application is done as per the provisions of the Geographical Indications of Goods (Registration and Protection) Act, 1999 and relevant rules in this regard," the minister said.
A GI tag confers legal protection against its unauthorised use. Registration of GI also allows the authorised user exclusive right to the use of GI in relation to goods in respect of which is registered.
Replying to a question on startups, he said Rs 7,528 crore has been committed to 93 alternative investment funds (AIFs) under FFS (Fund of Funds for Startups) as on November 30.
"These AIFs in turn have committed investments in 773 startups," he added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
05:09 PM IST