FEMA news and archive

Enforcement Directorate files FEMA complaint against Myntra over FDI violations

The Enforcement Directorate (ED) has filed a complaint under the Foreign Exchange Management Act (FEMA) against online fashion retailer Myntra, its affiliate companies, and directors. The federal financial crimes probe agency alleges that Myntra engaged in "multi-brand retail trading in the guise of wholesale cash and carry," a practice deemed a...

Apparel

FEMA amendments tabled in Parliament

The government has tabled four amendments to the regulations of the Foreign Exchange Management Act (FEMA) that are essential for the implementation of FDI in multi-brand retail. The government, which had earlier argued that its executive decision on FDI did not require any Parliamentary sanction, was asked by the Supreme Court to place its...