FEMA
cases filed against 15 companies over Rs 17,789.9 crore: Says Government
These Companies have received FDI from tax havens like Mauritius,
Singapore and Virgin Islands
Government has filed cases under Foreign Exchange Management Act (FEMA) amounting to Rs
17,789.9 crore against 15 companies that have received Foreign Direct
Investment (FDI) from tax havens like Mauritius, Singapore and Virgin Islands, Parliament
was informed on Friday.
"ED has registered cases under the Prevention of Money Laundering Act (PMLA), 2002, against one company for Rs 18.27 crore and under the FEMA, 1999, against 15 companies amounting to Rs 17,789.92 crore, which have received FDI from tax havens like Mauritius, France, Cyprus, Singapore, Virgin Islands, Luxembourg, Dubai and Tunisia," Minister of State for Finance Santosh Kumar Gangwar said in a written reply to the Lok Sabha.
In recent times, Gangwar said, the government has taken several steps, both by way of policy-level initiative and more effective enforcement action on the ground, to tackle tax evasion, particularly with reference to undisclosed foreign assets or income.
"ED has registered cases under the Prevention of Money Laundering Act (PMLA), 2002, against one company for Rs 18.27 crore and under the FEMA, 1999, against 15 companies amounting to Rs 17,789.92 crore, which have received FDI from tax havens like Mauritius, France, Cyprus, Singapore, Virgin Islands, Luxembourg, Dubai and Tunisia," Minister of State for Finance Santosh Kumar Gangwar said in a written reply to the Lok Sabha.
In recent times, Gangwar said, the government has taken several steps, both by way of policy-level initiative and more effective enforcement action on the ground, to tackle tax evasion, particularly with reference to undisclosed foreign assets or income.
Courtesy: Press Trust of India
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