Political Drama Unfolds Over Kerala's KIIFB Masala Bonds
Kerala's CM, Pinarayi Vijayan, dismisses ED's notices related to KIIFB masala bonds as political tactics. KIIFB, aimed at infrastructure development, faces scrutiny over Rs 466-crore notice linked to FEMA compliance. Vijayan assures adherence to RBI norms, framing the issue as election-driven controversy.
- Country:
- India
In a heated exchange, Kerala Chief Minister Pinarayi Vijayan lashed out at the Enforcement Directorate's (ED) notices issued to him and others regarding the KIIFB masala bonds, labeling them as politically motivated and trivial.
The ED had recently slapped a Rs 466-crore show cause notice under FEMA on Vijayan, alongside former finance minister Thomas Issac and the CM's chief principal secretary K M Abraham, concerning the KIIFB Masala Bond case.
Vijayan defended the Kerala Infrastructure Investment Fund Board (KIIFB), established in 2016 to boost state infrastructure, arguing it adheres to RBI guidelines and the allegations coincide suspiciously with upcoming elections.
(With inputs from agencies.)
- READ MORE ON:
- Kerala
- ED
- KIIFB
- Masala Bonds
- Pinarayi Vijayan
- FEMA
- Thomas Issac
- infrastructure
- elections
- RBI
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