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281 cases taken up for investigation by ED regarding suspected FDI norm violations during Apr ’19-Mar ’22

About 281 cases have been taken up for investigation by the Directorate of Enforcement regarding suspected violations of foreign direct investment (FDI) norms all over the country during April 2019 to March this year, Parliament was informed on Wednesday.

Necessary action as per provisions of Foreign Exchange Management Act, 1999 (FEMA) has been taken, which includes issuance of show cause notices, adjudication and imposition of penalty, Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha.

In these cases, following the due process of adjudication, penalties of more than Rs 2,600 crore have been imposed under the FEMA, he said, adding the Reserve Bank of India (RBI) has done compounding of contraventions of FDI related FEMA provisions in total of 1,421 cases across the country during the last three years.

”During the period from April 01, 2019 to March 31, 2022, around 281 cases have been taken up for investigation by the Directorate of Enforcement (ED) under the provisions of the Foreign Exchange Management Act, 1999 regarding suspected violations of FDI norms all over the country including Rajasthan,” Parkash said.

In a separate reply, an application for registration of geographical indication (GI) in the name of ‘Hyderabad Lac Bangles’ was filed on June 23.

”Being a quasi-judicial function, the processing of an application is done as per the provisions of the Geographical Indications of Goods (Registration and Protection) Act, 1999 and relevant rules in this regard,” the minister said.

A GI tag confers legal protection against its unauthorised use. Registration of GI also allows the authorised user exclusive right to the use of GI in relation to goods in respect of which is registered.

Replying to a question on startups, he said Rs 7,528 crore has been committed to 93 alternative investment funds (AIFs) under FFS (Fund of Funds for Startups) as on November 30.

”These AIFs in turn have committed investments in 773 startups,” he added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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