All posts tagged: Fema violations

What are Masala Bonds and FEMA, and why are they important for your UPSC exam?

What are Masala Bonds and FEMA, and why are they important for your UPSC exam?

Published by Parlour News

Take a look at the essential concepts, terms, quotes, or phenomena every day and brush up your knowledge. Here’s your upsc knowledge nugget on masala bonds. (Relevance: A question on masala bonds has been asked in the UPSC Prelims. Knowing about the bonds, acts regulating them become important for your UPSC exam.) Why in the news? A show cause notice has been served by the Enforcement Directorate to Kerala Chief Minister Pinarayi Vijayan, former state Finance Minister Thomas Isaac and ex-IAS officer Dr K M Abraham in connection with alleged Foreign Exchange Management Act (FEMA) violations pertaining to the Masala Bond issued by the Kerala Infrastructure Investment Fund Board (KIIFB). Vijayan is the chairperson of KIIFB and Isaac was its vice-chairperson in 2019, when the CPI(M) government issued a masala bond to raise funds for infrastructure development. Abraham is the chief executive officer of KIIFB, the state agency that mobilises funds for infrastructure projects beyond what is earmarked in the budgets. Key takeaways: 1. A bond is an instrument to borrow money. A bond could …

ED Summons Niranjan Hiranandani, His Son Over FEMA Violations on Monday

Published by Webster

Last Updated: February 25, 2024, 21:29 IST Niranjan Hiranandani is the Founder Chairman and Managing Director of Hiranandani Communities, a real estate and construction company based out of Mumbai. (Photo Credits: Instagram/File) The summons came a few days after the central probe agency conducted a search of four premises of the group, three in Mumbai and one in Panvel, in connection with an alleged violation of FEMA rules The Enforcement Directorate (ED) has summoned builder Niranjan Hiranandani and his son Darshan to appear before the agency on Monday to record their statements in alleged violation of Foreign Exchange Management Act (FEMA) rules. The summons came a few days after the central probe agency conducted a search of four premises of the group, three in Mumbai and one in Panvel, in connection with an alleged violation of FEMA rules on Thursday. Sources had told News18 that ED had received some new inputs in connection with an alleged foreign exchange violation case, based on which the action was taken. According to a TOI report, the ED suspects …