KIIFB Masala Bond Scam: ED issues notice to CPM leader & ex-Kerala Finance Minister Thomas Isaac over FEMA violations
Friday, August 19, 2022
  • Circulation
  • Advertise
  • About Us
  • Contact Us
Organiser
  • ‌
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Sports
  • Business
  • More
    • RSS in News
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Obituary
SUBSCRIBE
No Result
View All Result
Organiser
  • ‌
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Sports
  • Business
  • More
    • RSS in News
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Obituary
No Result
View All Result
Organiser
No Result
View All Result
  • Home
  • Bharat
  • World
  • Editorial
  • Opinion
  • Analysis
  • Culture
  • Defence
  • RSS in News
  • Subscribe
Home Bharat

KIIFB Masala Bond Scam: ED issues notice to CPM leader & ex-Kerala Finance Minister Thomas Isaac over FEMA violations

The foreign borrowings through ‘masala’ bonds – rupee-denominated bonds issued outside India by Indian entities – is a violation of FEMA

WEB DESK by WEB DESK
Jul 18, 2022, 12:58 pm IST
in Bharat, Kerala
Share on FacebookShare on TwitterTelegramEmail

New Delhi: The Enforcement Directorate (ED) has served notice to senior CPI(M) leader Thomas Isaac seeking his appearance before it in connection with an investigation into alleged violations in the financial dealings of Kerala Infrastructure Investment Fund Board (KIIFB) when he was finance minister in the previous LDF government, official sources said on Monday.

The ED is probing whether KIIFB violated the Foreign Exchange Management Act (FEMA). According an ED official, the foreign borrowings through ‘masala’ bonds – rupee-denominated bonds issued outside India by Indian entities – is a violation of FEMA

“Enforcement Directorate has served a notice to the former Kerala Finance Minister Thomas Isaac to appear before it on Tuesday. The notice was served to gather information on financial transactions regarding the Kerala Infrastructure Investment Fund Board,” sources said.

Download Organiser App

During the campaign for the state assembly elections last year, Union Finance Minister Nirmala Sitharaman had criticised the functioning of the KIIFB, alleging that the Comptroller and Auditor General (CAG) has criticised its financial dealings. She had also termed as “questionable” the operation of KIIFB.

KIIFB is the primary agency of the state government for financing large and critical infrastructure projects and in 2019 raised Rs 2,150 crore through its debut masala bond issue as part of its plan to mobilise Rs 50,000 crore to fund large and critical infrastructure projects in the southern state. (With inputs from ANI)

Topics: keralaCPMPinarayi VijayanLDFKIIFBMasala BondFEMA violationThomas Isaac
Share13TweetSendShareSend
Previous News

“SC exceeded limits of propriety in Nupur case”: Alok Kumar

Next News

#SriLankanCrisis: Sri Lanka’s economy ruined due to China’s BRI

Related News

Kerala Governor acts tough, stays the appointment of Priya Varghese as Associate Professor in Kannur University

Kerala Governor acts tough, stays the appointment of Priya Varghese as Associate Professor in Kannur University

KT Jaleel’s Futile Exercise To Clarify His Anti-National Post

KT Jaleel’s Futile Exercise To Clarify His Anti-National Post

CPM, Muslim League refuse to change social media display picture to National Flag

CPM, Muslim League refuse to change social media display picture to National Flag

Kerala: MLA K.T. Jaleel calls Jammu Kashmir as “Indian Occupied Kashmir”

Kerala: MLA K.T. Jaleel calls Jammu Kashmir as “Indian Occupied Kashmir”

Kerala: Medical reports of Endosulfan victims buried for seven years

Kerala: Medical reports of Endosulfan victims buried for seven years

Mayor Beena Philip invites CPM’s wrath for garlanding Bhgwan Sri Krishna

Mayor Beena Philip invites CPM’s wrath for garlanding Bhgwan Sri Krishna

Comments

The comments posted here/below/in the given space are not on behalf of Organiser. The person posting the comment will be in sole ownership of its responsibility. According to the central government's IT rules, obscene or offensive statement made against a person, religion, community or nation is a punishable offense, and legal action would be taken against people who indulge in such activities.

Latest News

Peshwa Bajirao-I: The Protector of Dharma

Peshwa Bajirao-I: The Protector of Dharma

Protests continue to flare up in various cities and towns of PoJK against 15th Amendment

Protests continue to flare up in various cities and towns of PoJK against 15th Amendment

Assam to send 1,000 youth to visit Cellular Jail in Andaman & Nicobar Islands to draw inspiration from freedom fighters

Assam to send 1,000 youth to visit Cellular Jail in Andaman & Nicobar Islands to draw inspiration from freedom fighters

Maharashtra: Abandoned boat with arms, ammunition recovered from Harihareshwar Beach ahead of Janmashtami celebrations

Maharashtra: Abandoned boat with arms, ammunition recovered from Harihareshwar Beach ahead of Janmashtami celebrations

TN govt. school headmistress refuses to hoist national flag citing religious reasons

TN govt. school headmistress refuses to hoist national flag citing religious reasons

GIFT city – a pet project of PM Modi is all set to shape global financial trends

GIFT city – a pet project of PM Modi is all set to shape global financial trends

The Untold Story of Clandestine Radio

The Untold Story of Clandestine Radio

Hindi Cinema’s Tryst with Swaraj

Hindi Cinema’s Tryst with Swaraj

Rajasthan: Mob lynches vegetable vendor Chiranji Saini to death; Vikram Khan, Asad, Syabu, Taleem and others arrested

Rajasthan: Mob lynches vegetable vendor Chiranji Saini to death; Vikram Khan, Asad, Syabu, Taleem and others arrested

Understanding how Bharatiyas Can Contribute in Nation Building

Understanding how Bharatiyas Can Contribute in Nation Building

  • Privacy
  • Terms
  • Cookie Policy
  • Refund and Cancellation
  • Delivery and Shipping Policy

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies

No Result
View All Result
  • Home
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Culture
  • Sports
  • Business
  • RSS in News
  • Special Report
  • Sci & Tech
  • Entertainment
  • Education
  • Books
  • Interviews
  • Travel
  • Health
  • Obituary
  • Subscribe
  • Advertise
  • Circulation
  • About Us
  • Contact Us
  • Privacy Policy
  • Cookie Policy
  • Terms of Use
  • Refund and Cancellation

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies