Reserve Bank of India Act

Citi Bank, an authorized dealer under the Foreign Exchange Regulation Act, 1973 (FERA), accepted cash in foreign currency into the NRE account of a non‑resident Indian during October 1992‑January 1993. In 2002 the Enforcement Directorate issued a show‑cause notice alleging violations of several FERA provisions, relying…

The petition challenged the operation of multinational accounting firms (MAFs) in India through Indian chartered accountant firms (ICAFs) that used the same brand name, alleging violations of Sections 25 and 29 of the Chartered Accountants Act, the Companies Act, FDI policy, RBI and FEMA regulations, and the ICAI Code …

Peerless General Finance and Investment Co. Ltd. floated collective investment schemes where subscribers deposited money that was to be repaid with interest and could be forfeited under certain clauses. For assessment years 1985-86 and 1986-87 no forfeiture occurred, yet the company recorded the subscription receipts a…