The Enforcement Directorate (ED) on Wednesday seized assets worth Rs 26.61 crore of absconding controversial arms dealer Sanjay Bhandari and others for holding undisclosed finances abroad in violation of Foreign Exchange Management Act (FEMA).The agency seized the properties after investigation found that Bhandari had acquired movable and immovable assets worth more than Rs 150 crores outside India in contravention of section 4 of FEMA. The assets included undisclosed deposits in foreign bank accounts in UAE in various foreign currency denominations alongwith beneficial ownerships of companies incorporated in UAE including Offset India Solution FZC, Santech International FZC,Serra Dues Technologies, Petro Global Technologies FZC. There were also a flat in Palms, Dubai, and two flats in London at Grosvenor Hill Court and Bryanston Square.Previously, the Income-Tax authorities had issued a notice to Bhandari under the Black Money Actfor not disclosing his foreign assets. He has since fled the country and is presently hiding in UK.The investigation so far has also revealed routing of funds in Bhandari’s various companies through accommodation entries provided by shell companies.What was seizedThe assets included undisclosed deposits in foreign bank accounts in UAE in various foreign currency denominations alongwith beneficial ownerships of companies incorporated in UAE
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The Enforcement Directorate (ED) today said it has seized assets worth Rs 26.61 crore of controversial arms dealer Sanjay Bhandari and others for alleged violation of the FEMA law.It said it has seized the properties “in lieu of undisclosed assets held abroad by him” and the action has been carried out under section 37A of the Foreign Exchange Management Act (FEMA).Section 37A of the FEMA stipulates that if certain foreign exchange, foreign security or immovable property is held outside India in violation of this law, the equivalent value of asset can be seized within India. The ED had booked Bhandari, reported to have left India for a foreign location sometime ago, under criminal charges of the PMLA law in February this year as also under the FEMA.The Delhi Police had also booked him for alleged violation of the Official Secrets Act (OSA) last year. Bhandari’s case first came to light after the I-T department conducted searches against him in April last year and recovered certain “sensitive” official defence documents from his premises. As part of these raids, the taxman is also said to have recovered certain emails that talk about renovation of a costly apartment in London in 2010 which was allegedly owned by Robert Vadra, brother-in-law of Congress President Rahul Gandhi.Also readED attaches assets Rs. 21 crore of arms dealer Sanjay Bhandari case in black money caseVadra’s legal firm has denied that he owned the London property directly or indirectly. It also denied Vadra has any business ties with an arms consultant or his aides. The tax department had last year also shared a “seizure memo record” with the defence ministry to apprise it about the contents of these “sensitive” documents.
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<!– /11440465/Dna_Article_Middle_300x250_BTF –>It is a big day for 17-year-old Maali Prasad Goraksh, a student of one of the government-run ‘Aadiwasi Ashram School’ and a state-level marathon runner, who has been selected to ‘ring the closing bell’ at the National Stock Exchange, during a week-long program to highlight the need to save children’s lives, fight for their rights and fulfil their potential this Children’s day.An underprivileged child, who lost his father at a very young age, Maali, from Kapor gain Taluka in Ahmed Nagar, belongs to the Bhil tribal community. He has been a diligent student at the government tribal school since 2008 and had always wanted to do something big. He sees coming at the NSE for the bell ring and being a part of a panel discussion which discusses that how industries/businesses can focus on children, with some renowned names is already taking the first step towards his dream.“This opportunity makes me feel proud and tells me that even a person like me, from a small background, can dream big. I really feel that if we are guided right, and given self-training, we can achieve whatever we want,” says Maali, after participating in a panel discussion with UNICEF and NSE officials.The group of 35 children participated in the #KidsTakeOver program organized by UNICEF along with some participating NGOs like NineisMine, Ashramshalas, and the NSE. To mark the Children’s day, the week-long event that starts on November 14 and goes on till November 20, will see these children take-over ‘high profile’ roles in media, politics, business, sport, and entertainment.“These children are not just the citizens of tomorrow, they are citizens of today and thus we need to invest in them now so that the future will be secured. They will be responsible for the sustainable growth of this country. For us this occasion is symbolic to ensuring each and every child is included and his or her right fulfilled by engaging in dialogue with influencers which in this case is businesses,” said Henriette Ahrens, Deputy Representative- Programmes, UNICEF India. “Also, I must add that the first 1,000 days for a child are important and gives the highest returns on your investment.”
<!– /11440465/Dna_Article_Middle_300x250_BTF –>The director of Panther Fincap and Management Services Limited, who was convicted in 2008 for his role in circular trading (manipulation) in the stock exchange in the late 90s, has now been declared absconding by a Special SEBI Court. A public notice regarding the same was issued on October 12 signed by Special Judge SEBI Special Court.The notice reads that Ketan Parekh is suspected to have committed the offense punishable under section 24(2) of the Securities Exchange Board of India Act, 1992, and a warrant of arrest to his addresses have returned.The notice signed by Special Judge, reads, “Ketan Parekh cannot be found and whereas it has been shown to my satisfaction that the said accused Ketan Parekh has absconded or is concealing himself to avoid the service of the said warrant.”
<!– /11440465/Dna_Article_Middle_300x250_BTF –>The Supreme Court (SC) handed over the reigns of Aamby Valley to the official liquidator— the Bombay High Court, after the market regulator Securities and Exchange Board of India (SEBI) accused Sahara of obstructing the its auctioning process.The bench led by Chief Justice of India Dipak Misra directed the Director General of Police, Maharashtra to ensure that the property was handed over to the official liquidator within 48 hours.The bench, which also comprised Justices Ranjan Gogoi and AK Sikri, took strong exception to Sahara’s move wherein a company representative from Aamby Valley Private Limited had approached police officials, Maharashtra’s additional chief secretary of home and the official liquidator – the Bombay High Court, informing that the company has seized to operate citing lack of funds.Representing SEBI, advocate Pratap Venugopal, mentioned the matter before the apex court on Tuesday and submitted that the approximately Rs 37,000 crore project “had adopted subterfuge methods to avoid auction of the property.” SEBI also accused Sahara of declaring a “lockout”.IN DEFENCESenior advocate Mukul Rohatgi — representing Sahara’s Subrata Roy debunked these allegations and said that the custody of the property has not been handed over to the police.
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Maharashtra government has decided to transform the Mumbai University’s Economics department as Mumbai School of Economics and Public Policy (MSEPP) on the line of London School of Economics. The state cabinet approved the proposal on Thursday.”We have decided to allot a fund of Rs 25 crore; where each year Rs 5 crore fund will be released. While the Mumbai School of Economics and Public Policy will have to raise another Rs 125 crore to strengthen this institution. It will be a world class department. The Economics department started back in 1921, one of the oldest departments in India,” the cabinet note read.Nawab Malik, Nationalist Congress Party (NCP) spokesperson, said MU is still suffering with result publication of various courses and said, “Our humble request to the government is that first put the accountability, then run the current department smoothly, then think of turning the department the world famous,” Malik said.According to the cabinet decision, the Mumbai School of Economics and Public Policy will closely work with the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI).”MSEPP will invite guest lecturers from Cambridge University. Senior government officials and subject experts will also deliver lectures,” the note said.”Mumbai is the financial capital of the India, but most of the financial and economical institutions are out of Maharashtra. We should not lag behind in this sector, therefore, we have decided to transform the present Economics department of Mumbai University into the Mumbai School of Economics and Public Policy. It is one of the milestone decision taken by our government,” a senior BJP minister said requesting anonymity.What it will offerMSEPP will run a regular MA course in economics and public policy.Apart from this, there will be a number of post-graduate diploma courses.Most of the diploma courses will be job oriented, while regular courses will be research oriented.
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Even after 24 years of the 1993 bomb blast, Malad-based Kriti Ajmera can’t sleep on his right side. Reason? The right side of his body which got injured after the glass pieces at Bombay Stock Exchange pierced into his body.So far, Ajmera has undergone 40 operations to remove the glass pieces; and has 90 stitches on his face. But the ordeal is not over, still there are minute glass pieces all over his body, which automatically pop out any time.”For over six years I was admitted in a hospital. Even now, I can’t sleep or stress on the right side of my body. My face, right hand, lungs were damaged in the blast. My body movement is restricted. While laughing I can’t loud, as glass pieces in my mouth start poking. I can’t undergo operation for every minute piece that pops out; sometimes with a help of plucker my wife pulls out glass pieces from my body,” he added.In the past 24 years, he has spent over Rs 40 lakh in operations and other medical expenses. He claims that he has not received any help from government. He says rather than giving life imprisonment, every offender should be hang till death.
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Swiss President Doris Leuthard on Thursay said India is expected to get in 2019 the first batch of data relating to tax from Switzerland under a new framework for automatic exchange of information.After holding wide-ranging talks with Prime Minister Narendra Modi, Leuthard said the framework is likely to be ratified by the Swiss parliament by end of the current year and expressed her government’s willingness to help India to deal with the problem black money.Later a joint statement said that the two leaders look forward to the first transmission of financial account information between the two countries.The issue of black money has been a matter of major debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by some Indians.Last year, India and Switzerland signed a joint declaration relating to automatic exchange of information relating to tax.”We hope by end of this year, this will be passed and be operational by 2019 when the first exchange can take place,” Leuthard told the media.Both leaders emphasised their willingness to further enhance cooperation in the fight against tax fraud and tax evasion and acknowledged the importance of a global level playing field for effective implementation of the international standards on tax transparency, the statement said.On his part, Modi said transparency in financial transactions is a major global challenge and that cooperation between India and Switzerland over it will continue further.Leuthard said her country follows all international rules on financial transaction to ensure transparency, adding “we have probably today one of the strongest laws on money laundering”.According to a Swiss government document, the country has found India’s data security and confidentiality laws “adequate” for the automatic exchange of information framework.Switzerland will implement the recommendations of the Global Forum on Transparency and Exchange of Information in Tax Matters with the view to further improve mutual administrative assistance in tax matters.Modi expressed hope that Switzerland will implement the recommendations of the Global Forum on Transparency and Exchange of Information in Tax Matters with the view to further improve mutual administrative assistance in tax matters, the statement said.”Both leaders agreed for enhanced engagement, closer convergence and stronger cooperation in tax and financial matters. Both sides also recognised the importance and potential benefits of cross-border investment and financial services and agreed to continue cooperation on these matters through regular dialogue,” it added.
<!– /11440465/Dna_Article_Middle_300x250_BTF –>The Enforcement Directorate today conducted searches at a dozen locations in Delhi, including on the premises of a former MLA, in connection with its probe in a foreign exchange violation case. Officials in the agency said business and residential premises at locations in East of Kailash, Barakhamba Road and few in south Delhi are being searched by the its sleuths, under the provisions of the Foreign Exchange Management Act (FEMA). The premises of a former MLA are also being searched. The action is on at about a dozen locations in the national capital, they said. The searches are said to be in connection with similar raids conducted by the Enforcement Directorate (ED) against a pharmaceutical firm in Gujarat recently. Further details in the case are awaited.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Disobeying summons issued by an investigating agency under the money laundering law amounts to a criminal offence, the Supreme Court held on Thursday.The SC order came as it set aside a Karnataka High Court order that had held that disobedience of summons for appearance did not amount to contravention of the provisions of the 1963 Foreign Exchange Regulation Act (FERA).”In any event, the judgment of the High Court cannot be sustained as it is contrary to the law laid down by this court,” a bench of justices SA Bobde and L Nageswara Rao said.The bench passed the judgement on an appeal filed by the Enforcement Directorate (ED) challenging the high court order. Summons were issued under Section 40 of FERA in October 1997 directing three accused who were allegedly involved in releasing substantial foreign exchange in contravention of the law, to appear before ED officer, but they had failed to respond.Thereafter, a complaint was filed against them in a court in Bangalore where one accused Mohammed Akram was represented by an advocate. The lower court, however, acquitted him and directed the other two to face the trial.The trial court had held that the summons issued by ED were not duly served on the respondent personally and the refusal to appear before the enforcement officer in spite of summons under the provision of FERA, cannot be regarded as a contravention of the Act.
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Jeera prices fell 0.80 per cent to close at Rs 19,150 per quintal in futures trade today as speculators engaged in trimming positions to book profits at prevailing levels amid lower domestic and exports demand at the spot market. Ample stocks position following higher supplies from the producing belts too fuelled the downtrend. At the National Commodity and Derivatives Exchange, jeera for delivery in current month fell Rs 155, or 0.80 per cent, to close at Rs 19,150 per quintal, with an open interest of 9 lots. Similarly, the September delivery moved down by Rs 105, or 0.53 per cent, to end at Rs 19,600 per quintal in 15,477 lots. Analysts said besides profit-booking by speculators at existing levels, fall in demand at the spot market against adequate stocks position, kept pressure on jeera prices at futures trade.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Turmeric futures rose by around 1 per cent to Rs 7,336 per quintal on speculative buying driven by uptick in domestic and export demand in spot market. At the National Commodity and Derivatives Exchange, turmeric for delivery in September was trading higher by Rs 72, or 0.98 per cent, to close at Rs 7,336 per quintal with an open interest of 14,860 lots. Similarly, the current month contract of the spice increased by Rs 36, or 0.49 per cent, to end at Rs 7,390 per quintal, in an open interest of 1,160 lots. Analysts said participants created fresh positions following upsurge in domestic and export demand in spot market against restricted supplies from producing regions.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Army officers of India and China are holding a meeting today in Chushul area of Leh, a day after Indian border guards foiled an attempt by Chinese soldiers to enter Indian territory along the banks of Pangong lake in Ladakh. Official sources said the meeting is expected to deliberate on maintaining peace and tranquility along the Sino -India border in Ladakh. Soldiers of the People’s Liberation Army (PLA) tried to enter the Indian side in two areas– Finger Four and Finger Five– twice between 6 am and 9 am yesterday. But on both the occasions their attempts were thwarted by alert Indian troops. Chinese troops had managed to enter up to Finger Four area in the region from where they were sent back. This area has been a bone of contention between India and China as both claim it to be a part of their territory. There was stone pelting also that caused minor injuries to people on both sides. When asked about yesterday’s incident in Ladakh, Defence Minister Arun Jaitley told reporters, “This is not a subject on which the government makes a comment on.” Two thirds of the Pangong Lake are controlled by China while one third of it is controlled by India. The incidents in Ladakh took place amid a face off between Indian and Chinese armies in Dokalam in India-Bhutan- China trijunction which has entered the third month. Official sources said notwithstanding the standoff, sweets were exchanged between the Indian Army and PLA troops in multiple border locations including in Dokalam. Exchange of sweets on Independence Day and Republic Day has been a tradition for last several years.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Continuing its falling streak for the third straight day, pepper prices eased further by 0.80 per cent to Rs 47,800 per quintal in futures market today as speculators engaged in reducing their positions on the back of muted demand in the spot market. At the National Commodity and Derivatives Exchange, pepper for delivery in September fell by Rs 385, or 0.80 per cent, to Rs 47,800 per quintal, with an open interest of 180 lots. In a similar fashion, the spice for delivery in October declined by Rs 25, or 0.05 per cent, to Rs 47,800 per quintal in 43 lots. Market analysts said offloading of positions by participants due to sluggish demand in the physical market against adequate stocks position on increased supplies from producing belts, mainly kept pepper prices lower at futures trade.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –> Switzerland found India’s data security and confidentiality laws “adequate” for entering into an automatic exchange of information pact, which will open a continuous access to details about alleged black money hoarders in once-all-secret Swiss banks.In a detailed notification and fact sheet published in its official gazette for introduction of “automatic exchange of information relating to financial accounts with India”, the Swiss government has also cited decisions by other financial centres like Liechtenstein and Bahamas to enter into similar pacts.Besides, Switzerland also took note of the US tax authority, the Internal Revenue Service (IRS), recognising India among the countries that provide an “adequate degree” of data protection for mutual exchange of tax information.
ALSO READ From war on black money to dealing with Pakistan: How Modi govt has fared The fact sheet and the notification, published in German, also talks about Switzerland looking to explore greater access to Indian market, including the reinsurance sector and other financial services.The Swiss Federal Council, the top governing body of the European nation, in June ratified automatic exchange of financial account information with India and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money even as it sought strict adherence to confidentiality and data security.
ALSO READ War on black money: Govt caps cash donations to parties at Rs 2,000Taking the decision forward, the Swiss government has now notified the decision and the notification authorises the Council to notify India about the exact date when such automatic exchange must take place.The implementation is currently planned for 2018 and the first set of data should be exchanged in 2019. The decision is not subject to any referendum — which means there should be no further procedural delay in its implementation.The issue of black money has been a matter of big debate in India, and Switzerland has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by Indians.The notification follows hectic parleys between India and Switzerland for introduction of the AEOI (Automatic Exchange of Information) on tax matters under the guidance of G20, OECD and other global organisations.In the fact sheet about India, which forms part of the notification about all 41 jurisdictions selected for AEOI by Switzerland, the Swiss government noted India showed its commitment for implementing the international pact with effect from 2016 itself and “adaptations of the internal laws necessary for the implementation were made in good time”.Listing various changes to the tax laws and introduction of new laws for fighting black money stashed abroad as well as within the country, the Swiss government said, “The legal, administrative and technical framework for confidentiality and data security in India was deemed satisfactory by the Global Forum’s panel of experts.”The Swiss Federal Department of Finance assessed this evaluation and found them to be “adequate”, the notification said.It further said that India negotiated with the US a model intergovernmental agreement on FATCA for reciprocal exchange of information, which has entered into force after the IRS assessed the level of confidentiality and data security in India and found it “appropriate”.”All agreements concerning the exchange of tax information concluded by India contain a confidentiality clause which corresponds to that of the model OECD agreement,” it noted, while adding that the country’s Income Tax Act contain other confidentiality provisions as well.The notification also referred to the personal data protection measures provided in other laws of the country, incoming the Informational Technology Act and the Right to Information Act.The Swiss government will prepare a situation report before the first exchange of data for which confidentiality and data protection requirements are to be strictly followed.On access to Indian market, the Swiss government said the Indian market is not one of the strategic markets targeted by Switzerland-based financial services providers for their cross-border activities, as “bureaucratic and prudential obstacles were generally more difficult to overcome”.Nonetheless, they are interested in taking advantage of improved governance conditions and greater legal certainty in the financial services sector, particularly in the reinsurance sector.Switzerland said the two countries have committed to improve the framework conditions for cross-border business activities to give a boost to international investment and financial services segments.
<!– /11440465/Dna_Article_Middle_300x250_BTF –>A week after the Madras High Court vacated an interim stay on proceedings against AIADMK (Amma) Deputy General Secretary TTV Dhinakaran for alleged violations of the Foreign Exchange Regulations Act (FERA), a court in Chennai framed fresh charges against him.On July 24, the High Court had set aside the charges framed against Dhinakaran by the economic offences court here on April 19. The High Court had then directed the trial court to re-do the process after granting adequate time to the accused to submit his objections and complete the trial within three months.When the case came up for hearing today before the Additional Chief Metropolitan Magistrate (Economic Offences), S Malarmathy, she framed the charges afresh and provided opportunity to the accused to make his submissions.Dhinakaran denied the charges and requested the court to permit him to cross examine the prosecution witnesses.After recording the submissions, the judge posted the case to August 3 for further hearing.The case of the prosecution is that Dhinakaran acquired $10.4 million without obtaining prior permission of the Reserve Bank of India (RBI) and deposited it in the current account of Dipper Investments Limited, a company incorporated in the British Virgin Islands, and having account with Barclays Bank, Sutton, United Kingdom.Charging him with violating FERA, the ED imposed a penalty of Rs 28 crore.In a reprieve to Dhinakaran last month, Madras High Court Judge M S Ramesh had set aside the forex law violation charge framed against him by the trial court.The High Court had set it aside based on Dhinakaran’s plea that the trial court on April 19 last had framed charges against him in the Foreign Exchange Regulation Act case without giving him any opportunity to defend himself
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Two years ago, on July 31, 2015 at midnight, 14,856 residents of Bangladeshi enclaves in India were declared citizens of India and about 921 came over from Bangladesh. They had been residing as residents of Indian enclaves in Bangladesh three months later.At present, Deeptiman Sengupta, who had spearheaded the movement in Cooch Behar district with his organisation, has now joined the BJP and is allegedly not being able to visit these enclaves because of security reasons and repeated threats by a TMC leader.Sengupta has been heading the Bharat Bangladesh Enclave Exchange Coordination Committee (BBEECC), which was later rechristened as Citizens’ Rights Coordination Committee (CRCC) after India and Bangladesh signed the historic Land Boundary agreement (LBA). It has been alleged that TMC MLA Udayan Guha has threatened Sengupta and that his musclemen are all over the enclaves to prevent Sengupta from entering the place.”At midnight tomorrow, there will be candles lit at all the enclaves to mark the occasion. We will refrain from any celebration because our leader has been barred from coming over,” said Jainal Abedin, one of the enclave-dwellers.Talking to DNA, Sengupta said that he had cut down on his visits to the enclaves for the sake of residents there.”The families that I visit have been invariably targeted and subjected to atrocities of the TMC. Thus I have cut down on my visits,” Sengupta said.Guha, on the other hand rubbished all allegations. “He is talking as if there is no police or administration. If I pose as a threat to his life, why doesn’t he complain to the police? In fact he knows that he has lost his foothold at the enclave with the TMC being more popular now,” he said.
CEO Secrets: Whisky Exchange founder Sukhinder Singh says “live your passion”.
<!– /11440465/Dna_Article_Middle_300x250_BTF –>The Enforcement Directorate has sought dismissal of the plea filed by AIADMK (Amma) leader TTV Dhinakaran in the Madras High Court for staying the order of framing of charges by a lower court in a case filed by the ED alleging Foreign Exchange Regulation Act violations. On July 7, the high court had granted interim stay on all further proceedings in an Economic Offences Court against Dhinakaran in the FERA violation case. Justice M S Ramesh had said, “On the face of the records, reasonable opportunities have not been extended to the petitioner during the course of hearing. Notice to respondent (Enforcement Directorate) returnable by July 17. Private notice permitted.” Additional Solicitor General G. Rajagopalan, who argued on the counter affidavit filed by the ED yesterday, said Dhinakaran’s plea for setting aside the order of framing of charges by the trial court was not all maintainable. The case against Dhinakaran is pending from 1996 and ample opportunities had been given to him on the basis of natural justice, the ASG said and sought for vacating the interim stay. After hearing the arguments, Justice Ramesh reserved orders. Dhinakaran had filed a petition for staying the order on framing of charges by the Economic Offences Court (I) at Egmore on April 19 in the case filed by the ED alleging Foreign Exchange Regulation Act (FERA) violations. In its counter, the ED said the petition was filed only to drag the proceedings pending before the economic offences court. The ASG submitted that the stage of framing charges in the case, pending from 1996, was reached only April 19 this year, that too after 21 years after so many adjournments by the petitioner. He said the ED had filed a memo before the lower court for conducting the trial on a day-to-day basis hence it was not fair on the part of the petitioner to say that he was not afforded opportunity of hearing before framing of charges. He said the counsel for the petitioner was present for every hearing and it “can be presumed that ample opportunity was given on the basis of natural justice”. In the counter affidavit, the ED also said that before framing of charges, the trial court had examined all the documents furnished and applied its “judicial mind and followed the principles of natural justice”. It sought dismissal of the petition filed by Dhinakaran for granting stay on the order of framing charges by the trial court. Dhinakaran had said the additional chief metropolitan magistrate did not hear his counsel before framing the charges and pleaded that the order be set aside. The ED case was that as the sole director of M/s Dipper Investments Limited Company incorporated in the British Virgin Islands, Dhinakaran had transferred over USD 10 million without RBI permission. The ED said the company maintained an account with a UK- based bank and alleged that in 1994 issued 21 cheques having a total value of USD 1,04,93,313 which were deposited in the account of M/s Dipper Investments. It alleged the money was transferred through a person who was not an authorised dealer in foreign exchange and without general or special permission of the RBI. A total of six charges were framed against Dhinakaran for alleged violation of various sections of the FERA, which has been repealed. Though registered in 1996, the ED could not proceed ahead with the case due to several rounds of litigation. Dhinakaran was also discharged from the case, but on February 1 this year, Justice G Chockalingam allowed a revision petition filed by the ED and set aside Dhinakaran s discharge. It paved the way for resumption of the case and led to framing of charges on April 19. A court frames charges against an accused after it finds sufficient prima facie evidence against him to put him on formal trial in the case.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
Mustafa Dossa dies weeks after being found guilty of transporting weapons to Mumbai for the attacks.
<!– /11440465/Dna_Article_Middle_300x250_BTF –>The U.S. Supreme Court agreed on Monday to consider whether corporate insiders who blow the whistle on their employers are shielded from retaliation if they only report alleged misconduct internally rather than to the government’s Securities and Exchange Commission. The justices will hear Digital Realty Trust Inc’s appeal of a lower court ruling in favor of Paul Somers, an executive fired by the San Francisco-based company after he complained internally about alleged misconduct by his supervisor but never reported the matter to the U.S. Securities and Exchange Commission. The case hinges on the SEC’s whistleblower protection rules required by the 2010 Dodd-Frank Wall Street reform law. The court agreed to take up the case on the last day of a nine-month session. The court will hear the case during the next term that starts in October. The SEC rules, adopted in 2011, prohibit corporate employers from retaliating in any way against whistleblowers who try to report allegations of securities law violations. They also give the SEC the power to offer monetary awards to whistleblowers whose tips lead to successful enforcement actions. Digital Realty Trust argues the anti-retaliation protections do not apply to people who fail to report their allegations to the SEC because the law defines a whistleblower as a person who reports possible securities violations to the SEC. If the Supreme Court ultimately sides with the company, then it would force corporate whistleblowers to report wrongdoing to the SEC in order to be protected from retaliation. Such a result could deter people from reporting misconduct internally first, said Jordan Thomas, a partner at Labaton Sucharow who represents SEC whistleblowers. “I think both corporate whistleblowers and corporations should hope that the Supreme Court finds that internal reporting is sufficient to have the anti-retaliation protections because if not, sophisticated corporate whistleblowers will bypass internal reporting systems and report directly to the SEC,” he said. Digital Realty Trust, a real estate investment trust company, became entangled in the dispute over whistleblower protection after it fired Somers, its former vice president of portfolio management. Somers had complained internally that his supervisor had eliminated some internal controls and hid major cost overruns on a project in Hong Kong. After he was fired, he sued the company in November 2014, saying he was protected from retaliation as a whistleblower under the Dodd-Frank law. The company tried unsuccessfully to quash his claim in the United States District Court for the Northern District of California. While the case was on appeal before the 9th U.S. Circuit Court of Appeals, a divided 2nd U.S. Circuit Court of Appeals panel ruled in a similar case that people who only report misconduct internally are whistleblowers who merit protection from retaliation. The 9th Circuit later affirmed the California finding, with the SEC also filing a friend of the court brief in the case and participating in oral arguments in support of Somers. Both the 2nd and 9th Circuit opinions are at odds with the 5th U.S. Circuit Court of Appeals, which previously held that whistleblowers must report to the SEC in order to receive protective status.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
The exchange of fire is underway between a joint team of security forces and ultras in the interior forests of Chintagufa police station area, Deputy Inspector General of Police (Dantewada range) Sundarraj P told <!– /11440465/Dna_Article_Middle_300x250_BTF –>Five special task force (STF) personnel were today injured in a fierce gunbattle with Maoists in the dense forests of Chhattisgarh’s Sukma district, the police said. The encounter is still going on, they added. The exchange of fire is underway between a joint team of security forces and ultras in the interior forests of Chintagufa police station area, Deputy Inspector General of Police (Dantewada range) Sundarraj P told(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Travelling across cities and have a craving for unadulterated desi ghee? There’s an all-new ‘Cow Connect’ app to help you locate the nearest diary. The app was one of the announcements made at the National Conference on ‘Glorious Indian Cow’ organised jointly by Virat Hindustan Sangam and the Urja World Foundation on Sunday.Instead of trade talks, the auditorium of the Bombay Stock Exchange (BSE) on Sunday saw calls of ‘ban cow slaughter’ reverberate. There were discussions on how “cow urine is good for health”, the need for every Indian to look after one cow as well as discussion on a ‘cow cess’ that every citizen could pay.At one point, the moderator asked the panellists, some of who were doctors, investment bankers as well as holy men, about how one could take the message of cow protection to ‘liberals’.The organisers said that they hoped the cow connect app will eventually be used for e-commerce and help dairy farmers and consumers connect for better business.
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Cracking the whip in the Panama Papers case, the Enforcement Directorate (ED) has seized Rs 7 crore in various bank accounts a family of renowned jewellers in Delhi — the Mehra family of Mehrasons Jewellers. The agency made the first seizure under section 37A (power of search and seizure) of the Foreign Exchange Management Act 1999.It was during investigations into the Panama Papers leak that the four accused sent huge amounts of money out of India by misusing the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India in the garb of making investments abroad.
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Coriander prices were up by 1.63 per cent to Rs 5,237 per quintal in futures trade today as participants indulged in enlarging positions amid rising spot demand. Further, tight supplies from major producing belts also fuelled the uptrend. At the National Commodity and Derivatives Exchange, coriander for June contract rose Rs 84, or 1.63 per cent to Rs 5,237 per quintal with an open interest of 38,770 lots. On similar lines, the spice for delivery in July traded higher by Rs 74, or 1.40 per cent, to Rs 5,325 per quintal, with an open interest of 19,050 lots. Marketmen attributed persistent rise in coriander to pick up in demand at spot market amid tight supplies from growing regions.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Falling for the second day, jeera prices fell further by 1.39 per cent to Rs 17,800 per quintal in futures trade today as speculators engaged in reducing their positions amid tepid demand in the spot market. Besides, sufficient stocks position on increased supplies from the major growing regions in Gujarat and Rajasthan fuelled the downtrend. At the National Commodity and Derivatives Exchange, jeera for delivery in May drifted lower by Rs 250, or 1.39 per cent to Rs 17,800 per quintal with an open interest of 210 lots. Analysts said offloading of positions by participants due to subdued demand in the spot market against adequate stocks position on increased arrivals from producing belts, mainly kept jeera prices down at futures trade.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Continuing its slide for yet another day, coriander prices slumped by 4 per cent to hit a lower circuit at Rs 5,860 per quintal in futures trading today as speculators engaged in cutting down bets amid subdued demand in the spot market. Moreover, adequate stocks on increased supplies from major growing belts also dampened trading sentiments. Traders said trimming of positions by participants on low demand in the spot markets against huge stock position weighed on the sentiments. At the National Commodity and Derivatives Exchange, coriander for delivery this month slumped by Rs 244, or 4 per cent, to hit lower circuit at Rs 5,860 per quintal with an open interest of 27,820 lots. Coriander for delivery in June too hit a lower circuit at Rs 5,975 per quintal, falling 4 per cent, having an open interest of 47,020 lots.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –> Senior Congress leader P. Chidambaram came down heavily on the Enforcement Directorate for issuing a show-cause notice to his son Karti over alleged forex allegations, asserting that the Government was trying to muzzle his voice by going after his son. ?The Enforcement Directorate has the habit of recycling allegations from time to time. Today’s press release by the ED is another example. The allegations in the press release are baseless, totally false and ridiculous,? Chidambaram said in a statement. However, he claimed that no notice has been served upon Karti so far, adding that if a notice is received, a suitable reply will be sent. ?By targeting Karti Chidambaram with baseless notices, the government cannot silence my voice or stop my writing,? he added. Earlier today, the Enforcement Directorate issued a show-cause notice to Karti Chidambaram and others for alleged forex violations to the tune of Rs. 45 crore. After over two years of investigations, the Enforcement Directorate issued a similar notice to another Chennai based firm M/s Vasan Health Care Private Limited, for alleged forex violations of Rs. 2,262 crore. The Enforcement Directorate said that the show-cause notice has been issued to M/s Advantage Strategic Consulting Private Limited, its directors and also to Karti P. Chidambaram who appears to be the controller and ultimate beneficiary in these transactions. Under the provisions of the Foreign Exchange Management Act (FEMA),the total amount of contravention identified by the ED, by M/s Vasan Healthcare Private Limited and its overseas investors on different counts in the investments received from overseas investors is nearly Rs.2,100 crore and additional Rs. 162 crore, totalling to Rs. 2,262 crore.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Former Union minister of state for External Affairs Eduardo Faleiro today asked Manohar Parrikar-led government in Goa to “scrutinise” the land deals executed by foreigners in the coastal state in alleged violation of the Foreign Exchange Management Act (FEMA). “The government should act before these properties turn into a hub for drugs and prostitution,” the Congress leader said, adding that the foreigners are debarred from purchasing properties in India unless he/she is running business in the country. He had served as the MoS for External Affairs between 1991 and 1993. Faleiro claimed that the National Security Council Secretariat (NSCS) has cautioned that the real estate projects by foreigners in Goa might be used for drug trafficking, gun-running and prostitution. “The report has even mentioned very clearly that few foreign drug cartels are attempting to turn Goa into a base for their illegal activities,” he said. Faleiro also demanded that the state government should bring in a legislation selling land in the coastal state to non-Goans. “When we speak of the special status to the state, this one legislation will help us protect our identity and culture,” he said.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –>number and has appealed to the public to come forward with information on drugs smuggling and supply. All police stations have been directed to make lists of drug peddlers and bootleggers with more than two FIRs registered against them in the past 10 years and these people will be kept under surveillance, the spokesperson said. The Chief Minister’s Office has been requested to attach one drugs inspector permanently with the Commissionerate to help in the conduct of raids to check misuse of authorised medicines in Jalandhar, he said. “The Special Task Force (STF) set up for drugs eradication in the state is working directly under the supervision of the Chief Minister, who has given a free hand to ADGP Harpreet Sidhu, who heads the STF, to take any action needed to free the state of this menace,” he said. “Capt Amarinder Singh has directed the police, whose performance will be judged on the efficacy of the anti-drugs campaign, to go after the big guns. The special teams set up to implement the drive have been directed to seize/attach properties of smugglers under Section 68 of the NDPS Act and Smugglers and Foreign Exchange Manipulators Act,” he added. Seminars and educational programmes in schools and colleges, along with ‘nukkad nataks’ and road shows/rallies, are being conducted to create awareness about the drugs menace while the deaddiction centres, which had allegedly become defunct under the previous government, are being reactivated, he said. “A holistic approach has been adopted to synergise the deaddiction and rehabilitation activities. A massive publicity and awareness campaign is also being launched on various media platforms, with educational institutions, NGOs, youth clubs and Nehru Yuva Kendras joining the government efforts to wipe out the drugs scourge from the state,” he added.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –>AIADMK (Amma) candidate for the RK Nagar bypoll, T T V Dinakaran has movable and immovable assets valued at around Rs 68 lakh. In his affidavit submitted with the Election Commission along with his nomination papers today, Dinakaran, Deputy General Secretary of the party, also mentioned about a FERA case against him, and the Enforcement Directorate slapping a fine of Rs 28 crore in connection with the matter as “government dues” under the ‘Liabilities that are under dispute.’ The 53 year-old former MP said he had “discontinued a civil engineering course and mentioned his occupation as agriculturist and that of his spouse as business.” Dinakaran, nephew of jailed AIADMK (Amma) General Secretary V K Sasikala, mentioned that he had Rs 11,45,781.94 in movable assets while that of his spouse was Rs 7,18,66,055.23. A ‘dependent’ had Rs 49.54 lakh as movable assets. Dinakaran, who chose to contest under the party name AIADMK (Amma) with the ‘Hat’ symbol following EC’s freezing of the ‘Two Leaves’ symbol of AIADMK owing to a dispute involving rival O Panneerselvam-led faction, mentioned that the market value of his immovable assets was Rs 57,44,008. The value of his spouse’ immovable assets was Rs 2,40,71,687. On “liabilities in dispute”, he said the Special Director, ED, New Delhi had imposed a penalty of Rs 31 crores in 1998 “alleging contravention” of FERA (Foreign Exchange Regulation Act). Following an appeal by him, the Foreign Exchange Regulation Appellate Board modified the amount to Rs 28 crore in 2000, an order which the Madras High Court also upheld early this year, he said. Even though the court order was delivered on January 6, 2017, the copy was made available to the appellate on January 23, 2017, he said. “The appellant (Dinakaran) is proposing to file an appeal before the Supreme Court of India and the time to file appeal expires only on April 22, 2017. In the meantime, the Appellant has also filed a review petition before the High Court of Madras seeking to review the order dated January 6, 2017,” he said. He said that no cases, where charges have been framed by a court for offences punishable with a prison term of two years or more, were pending against him. Neither had he been convicted and sentenced to imprisonment of one or more year in any cases. The RK Nagar bypoll is slated for April 12.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –> The Enforcement Directorate on Wednesday summoned Jammu and Kashmir Liberation Front chief Yasin Malik and separatist leader Syed Ali Shah Geelani in different money laundering and Foreign Exchange Management Act (FEMA) cases. The two cases date back to 2001 and 2002 respectively. Earlier in June 2002, USD 10,000 was found during searches by the Income Tax department at Geelani?s residence in Hyderpora. The separatist leader was unable to declare the source of funds and was not able to give a satisfactory answer to the I-T department. Similarly in 2001, the police seized one lakh dollar from Mushtaq Ahmad Dar and his wife Shazia Rasool. During examination, Dar had said that the money was handed over to him by a Nepal-based citizen and was to be handed over to Yasin Malik. The Jammu and Kashmir Police seized one lakh dollar from Mushtaq Ahmed Dar and his wife. Dar claimed that he got the money from a Nepalese citizen, adding the same was meant for Yasin Malik.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Jeera prices fell by 1.01 per cent to Rs 16,660 per quintal in futures trade today as speculators booked profits at prevailing levels on lower domestic and exports demand at the spot market amid ample stocks position. At the National Commodity and Derivatives Exchange, jeera for delivery in March fell by Rs 170, or 1.01 per cent, to Rs 16,660 per quintal, with an open interest of 2,826 lots. Similarly, the spice for delivery in April moved down by Rs 150, or 0.90 per cent, to Rs 16,560 per quintal in 5,904 lots. Analysts said, besides profit-booking by speculators at existing levels, fall in demand in the spot market against adequate stocks position kept pressure on jeera prices at futures trade.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –>The Shiv Sena today alleged that BJP MP Kirit Somaiya has links with the infamous National Stock Exchange Limited (NSEL) scam and that he “pressurised” the Prime Minister’s Office to stop an inquiry against him. Sena’s attack on Somaiya comes a day after he asked party president Uddhav Thackeray to make public his family assets and income. Meanwhile, Somaiya has dismissed the allegations saying it is a “diversionary tactic” of Shiv Sena. Sena MP Rahul Shewale while addressing reporters alleged, “Somaiya has links with NSEL scam and he brought pressure on Prime Minister’s Office (PMO).” Somaiya’s former CA Shekher Vaishnav, who was also present at the press meet alleged “He (Somaiya) has links with investors, bankers and his main job is to settle price ranging in market.” He further said Somaiya’s relation with an investment banker must be inquired. “I exposed Satyam scam but Somaiya kept mum at that time. I am working with Congress but a leader from that party told me not to speak against Somaiya,” Vaishnav said. He challenged Somaiya to come in an open panel discussion with him over these issues. When contacted Somaiya told(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Three soldiers and a militant were today killed in an encounter in Hajin area of Bandipora district of Kashmir, police said. Six other security personnel and a civilian also suffered injuries in the gunbattle that began in the wee hours today, a police official said. Security forces cordoned off Parray Mohalla in Hajin area this morning following information about presence of militants there, the official said. He said a gunbattle broke out as the security forces were closing in on the position of the militants. Nine security personnel were injured in the exchange of firing with the militants out of which three later succumbed to injuries, the official said. One militant, whose identity has not been ascertained yet, was also killed in the operation, he added. Further details of the incident are awaited.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Reiterating his views on importance of smart cities in paving way for India’s development, Prime Minister Narendra Modi, on Monday, said that new cities would be important in creating the new India.”You are aware of the importance I attach to the development of smart cities. Gift city is the first ground up truly smart city in the country…I have said before that India can become a developed country in one generation. New cities will be important in creating the new India of our dreams,” said Prime Minister Modi, while inaugurating India International Exchange at GIFT city, here.Finding Indian talent working abroad, Prime Minister Modi said that he wanted to bring Indian brains back to the country and provide leadership to the entire financial world at the same time.”In those days, as now, wherever I went, I would meet some of the top financial brains of those countries. Whether in New York, London, Singapore, Hong Kong or Abu Dhabi, I would find many of them to be of Indian origin. I was impressed by their understanding of the financial world, and also their contributions to their adopted countries,” the Prime Minister said.”I used to think, how can we bring this talent back and at the same time, provide leadership to the entire financial world,” he added.While recalling India’s contribution in mathematics, the Prime Minister said Indian brains have excelled in fields of information technology and finance.”Indians have a long tradition in mathematics. India invented the concept of ‘zero’ and the ‘decimal system’ more than two thousand years ago. It is no accident that Indians are now at the forefront of Information Technology and Finance, both areas of knowledge, where zero plays a crucial role!,” he said.Putting light on services that the International Exchange would be providing, Prime Minister Modi further said, it would set new standards for quality of service and speed of transactions across the time zones.”I am told this exchange will trade in equity, commodities, currencies and interest rate derivatives in the first phase. Later, it will trade equity instruments of Indian and foreign companies. I am told Masala bonds will also be available for trading here,” he said.The Prime Minister also told that the exchange is set to be among the fastest exchanges in the world, with most modern trading, clearing and settlement systems.Taking it back to the time when he was serving as the chief minister of Gujarat, the Prime Minister said it was then, when the Gift city was conceptualised, with the vision of providing facilities and the ability to transact in all markets in the world and with the inauguration of the Exchange, a crucial landmark was achieved.”Gift city was born out of this vision. Our aim was to provide world class facilities to India’s world class talent in finance and technology. Today, with the inauguration of this Exchange, we have reached an important landmark in achieving that vision,” he said.Expressing confidence in the concept of gift city, the Prime Minister said it would help in mitigating many of the criticisms and would end up becoming the price setter for some of the largest traded instruments in the world.”There has been criticism for long that a lot of trading, even in Indian financial instruments, is currently taking place abroad. It is said that India has stopped becoming the price setter for even some Indian financial instruments. Gift city will be able to mitigate many of these criticisms. But my vision for Gift City is larger. My vision is that in ten years from now, Gift city should become the price setter for at least a few of the largest traded instruments in the world, whether in commodities, currencies, equities, interest rates or any other financial instrument.,” he said.The Prime Minister said the international exposure, which the youth would be able to get from Gift city, would ensure that more and more of them would be able to join this important field.He also urged Indian companies, exchanges and regulators, to help create a pool of experienced and world beating finance professionals.
<!– /11440465/Dna_Article_Middle_300x250_BTF –>Prime Minister Narendra Modi inaugurated India’s first international exchange on Monday — India INX — at the International Financial Service Centre (IFSC) of GIFT City in Gandhinagar, saying it will enable Indian firms to compete on equal footing with offshore firms.A subsidiary of Bombay Stock Exchange, India INX is one of the world’s most advanced technology platforms with a turn-around-time of 4 micro seconds which will operate for 22 hours a day, allowing international investors and NRIs to trade from anywhere across the globe. INX will trade initially in equity derivatives, currency derivatives, commodity derivatives including index and stocks. It plans to offer depository receipts and bonds later.Modi, after opening the exchange by sounding the virtual gong, termed it as a “momentous occasion for Indian financial sector”. “My vision for Gift City is larger. In next 10 years from now, I see Gift City becoming a price-setter for at least a few of the largest traded instruments in the world, whether in commodities, currencies, equities, interest rate derivatives or any other financial instruments,” Modi said.”I am sure the exchange will set new standards for quality of service and speed of transactions across time zone,” the Prime Minister said.”This exchange is a part of IFSC of GIFT City. The concept of IFSC is simple yet powerful. It is to provide offshore talent with an onshore technological and regulatory framework,” he said.”This has been done with a view to enable Indian firms to compete on an equal footing with offshore financial centres,” Modi said. “There has been criticism that a lot of trading in Indian financial instruments is taking place abroad. GIFT City will be able to mitigate such criticism,” the Prime Minister said.”IFSC will be able to provide facility and regulation compared to (on par with) any other international financial centres in the world. It is not easy to create and manage such an environment in large country like India. India can’t be compared to small states. We have local markets and have special tax and regulatory regime,” Modi said.”Creating an offshore centre in a large country like India poses a regulatory challenge. I am glad that ministry of finance, revenue, RBI and SEBI have found solutions to such regulatory issues,” Modi said.India needs to create 30 crore new jobs in the next two decades, the PM said. “India needs to create 30 crore new jobs over the next 20 years. It’s a huge endeavour. Skill and well-paid jobs in service sector will have to be part of job revolution.International exposure that youth will get from Gift City will ensure that more and more of them will be able to join this important dream,” Modi said. “Over the next ten years, I expect GIFT City to generate lakhs of new jobs,” the PM said.
New Delhi: NRIs and Indian nationals abroad can deposit up to Rs 25,000 of the demonetised currency during the 3-6 month grace period, but only if they show the junked notes to Customs officials at the airport and get declaration form stamped.
The declaration will have to be submitted at specified branches of the Reserve Bank while depositing the junked currency, a finance ministry notification stated. While the 50-day window for such deposits at banks or post offices ended on December 30, the government has offered a grace period for those who were abroad.
The window for Indian nationals who were travelling abroad is till 31 March and for NRIs, it is 30 June, 2017. This facility, however, is “subject to the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. As per these regulations, bringing back such currency into the country is restricted to Rs 25,000 per person”. Those returning from Nepal and Bhutan are not permitted to carry specified bank notes (SBNs) of old 500 and 1,000 rupee notes.
“For the period from up to 31 March, 2017 or 30 June, 2017, as applicable, a declaration form will need to be filled by resident Indians and non-resident Indians coming to India and carrying SBNs for depositing these SBNs in the specified offices of RBI in India,” the notification said.
“At the airport/land Customs stations etc on entry, Customs stamp on the said forms shall be affixed and the same shall be submitted along with other documents to RBI offices.” A one-page form has been worked out for the purpose. Since the form to be filled in by the passenger bearing the Customs stamp will be crucial in subsequently facilitating the deposit of SBNs at the specified issue offices of RBI, the finance ministry asked the Customs formations to keep a copy of the same, preferably in a scanned format.
“The Customs officer shall strictly count the number of notes and tally the total amount mentioned before stamping the form submitted by the passenger,” the notification said.
First Published On : Jan 2, 2017 15:10 IST