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Tag: FEMA

  • No FEMA violations found so far after ED searches at BYJU’S

    No FEMA violations found so far after ED searches at BYJU’S

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    New Delhi: The initial investigation after the recent searches at BYJU’S have so far found no Foreign Exchange Management Act (FEMA) violations by the edtech firm, according to sources.

    Sources indicated that the recent searches conducted on the premises of BYJU’S in Bengaluru by Enforcement Directorate (ED) and the material collected has yet to establish any FEMA violations.

    The investigations are still at an early stage and according to sources, BYJU’S had cooperated and provided ED with all the necessary documents.

    MS Education Academy

    When contacted, a top ED official told IANS that the BYJU’S investigation is ongoing and “we cannot comment on the ongoing investigation”.

    The ED had earlier carried out searches at three premises linked to BYJU’S in Bengaluru, in connection with alleged foreign exchange violations.

    ED in a tweet had said that they collected various incriminating documents and digital data during its searches.

    FEMA searches also revealed that the company has received foreign direct investment to the tune of Rs 28,000 crore (approximately) during the period from 2011 to 2023.

    Further, the company has also remitted about Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment.

    A BYJU’S spokesperson had said that the ED visit “was related to a routine inquiry under FEMA and there has been no violations under FEMA by BYJU’S.

    “We have been completely transparent with the authorities and have provided them with all the information they have requested. We have nothing but the utmost confidence in the integrity of our operations, and we are committed to upholding the highest standards of compliance and ethics,” the company spokesperson had said.

    The edtech firm said that it will continue to work closely with the authorities to ensure that they have all the information they need.

    “We are confident that this matter will be resolved in a timely and satisfactory manner. We want to emphasise that it is business as usual at BYJU’S,” said the company.

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    ( With inputs from www.siasat.com )

  • ED files FEMA case against BBC India

    ED files FEMA case against BBC India

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    Income Tax survey at BBC offices clocks over 55 hours

    New Delhi: The Enforcement Directorate has registered a FEMA case against news broadcaster BBC India for foreign exchange violations, official sources said Thursday.

    The federal probe agency has also called for documents and the recording of statements of some company executives under provisions of the Foreign Exchange Management Act (FEMA), they said.

    The probe is essentially looking at purported foreign direct investment (FDI) violations by the company, they said.

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    The moves comes in the backdrop of the Income-Tax department surveying BBC office premises in Delhi in February.

    The Central Board of Direct Taxes (CBDT), the administrative body for the I-T department, had then said the income and profits shown by various BBC group entities were “not commensurate” with the scale of their operations in India and tax has not been paid on certain remittances by its foreign entities.

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    #files #FEMA #case #againstBBCIndia

    ( With inputs from www.siasat.com )