The sluggish legal system in India makes it extremely difficult for law-enforcing agencies in the ministry of finance to punish violations of foreign exchange laws. Unfortunately, it is not just FEMA. The Prevention of Money Laundering Act too has significant infirmities, say Paranjoy Guha Thakurta and Pranati Mehra. Image: The ED has alleged that the Welspun group violated FEMA in their transactions with Red Lebondal Limited, a company registered in 2007 in Cyprus, a tax haven. Photograph: ... Rediff.com, 2 weeks ago
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