Left Menu
Development News Edition

ED slaps over Rs 229-cr FEMA show cause penalty against PwC

PTI | New Delhi | Updated: 13-09-2019 21:16 IST | Created: 13-09-2019 21:16 IST
ED slaps over Rs 229-cr FEMA show cause penalty against PwC

The ED has slapped an over Rs 229-crore FEMA violation show cause penalty notice against multi-national accounting firm PricewaterhouseCoopers (PwC), officials said on Friday.

They said the notice was issued under the Foreign Exchange Management Act (FEMA) after completion of probe by the adjudicating authority which is the Special Director (Eastern Region) of the Enforcement Directorate. The penalty is amounting to USD 4,98,42,747 which is equivalent to Rs 2,29,67,21,906, the order accessed by PTI said.

Officials said the company along with other noticees received investments from Ms PricewaterhouseCoopers Services BV by "falsely" showing them as 'grants' so as to avoid attracting provisions of FEMA which require approval of the government or to say the Reserve Bank of India. "The adjudicating authority during the course of adjudication has held the company guilty of violation of section 10(6), 6(2), 6(3) and 9(b) of FEMA, 1999 for receiving investments in the guise of purported grants in non permitted sector without the approval of the RBI, " the order said.

The ED had taken over the probe against the firm on directions of the Supreme Court which asked it to look into the affairs of the company from the point of view of FEMA.


TRENDING

OPINION / BLOG / INTERVIEW

Post-COVID-19 Nigeria needs a robust Health Management Information System to handle high disease burden

Nigeria is among a few countries that conceptualised a health management information system HMIS in the early 90s but implementation has been a challenge till date. Besides COVID-19, the country has a huge burden of communicable and non-com...

Morocco COVID-19 response: A fragile health system and the deteriorating situation

Learning from its European neighbors, Morocco imposed drastic measures from the initial stages of the COVID-19 outbreak to try to contain its spread. The strategy worked for a few months but the cases have surged after mid-June. In this sit...

COVID-19: Argentina’s health system inefficiencies exaggerate flaws of health information system

You can recover from a drop in the GDP, but you cant recover from death, was the straightforward mindset of Argentinas President Alberto Fernndez and defined the countrys response to COVID-19. The South American nation imposed a strict...

Rwanda’s COVID-19 response commendable but health information system needs improvement

Rwanda is consistently working to improve its health information system from many years. However, it is primarily dependent on the collection and reporting of health data on a monthly basis. Besides, evaluation studies on Rwandas HIS publis...

Videos

Latest News

US execution planned of killer who said witchcraft drove him

A former US soldier who said an obsession with witchcraft led him to slay a Georgia nurse in a bid to lift a spell he believed she put on him is the first of two more inmates the federal government is preparing to put to death this week. Wi...

MP govt announces Rs 4,000 direct cash transfer to farmers under PM-KISAN scheme

Madhya Pradesh Minister Narottam Mishra on Tuesday said that the state government will transfer Rs 4,000 into the bank accounts of farmers in two installments under the Pradhan Mantri Kisan Samman Nidhi Yojana PM-KISAN scheme. The farmers w...

Former rebel commander to be next president of Bougainville, lead independence talks

Former rebel military commander Ishmael Toroama has been elected as president of Bougainville, an autonomous region in the South Pacific, electoral officials said on Wednesday, and is set to lead talks seeking independence from Papua New Gu...

'Gross interference' in internal matters: India slams Erdogan's Kashmir remarks at UNGA

India on Tuesday slammed Turkish President Recep Tayyip Erdogan for his remarks on Kashmir during United Nations General Assembly UNGA session, saying the latters speech constitutes gross interference in Indias internal affairs and is compl...

Give Feedback