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581 cases of violation of FDI Norms being probed by ED

 

By TIOL News Service

NEW DELHI, JULY 11, 2019: ENFORCEMENT Directorate is conducting investigation in 581 cases under Foreign Exchange Management Act, 1999 (FEMA) for alleged violation of FDI norms. Disclosure of other details of these cases may not be in large public interest as the same may adversely impact the ongoing investigations.

It has been the endeavour of the Government to put in place an enabling and investor friendly FDI policy. The intent is to make the FDI policy more investor friendly and remove the policy bottlenecks that have been hindering investment inflows into the country. The onus of compliance with the FDI norms lies on the entity that is the recipient of FDI.

The Foreign Direct Investment (FDI) inflows have been going up each year, as against any of the previous years:

S. No.

Financial Year

Total FDI Inflows (in USD billion)

1.

2016-17

60.22

2.

2017-18

60.97

3.

2018-19

64.38

4.

2019-20 (up to April, 2019)

6.95

NOTE: Figures are provisional subject to reconciliation with RBI.

This information was given by the Minister of Commerce and Industry, Mr Piyush Goyal, in a written reply in the Lok Sabha yesterday.


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