Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
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Similarly Remitting of commission without declaring to customs is being misused to the hilt and allowed to be abused. It also leads to fraud on Govt by availing export incentives for which they are not eligible as there is no check to return the proportionate incentive on such remittances.
RBI has not initiated action on 88000 defaulters list thrown out by EDPMS for last 2 years. And to come out from this list Exporters as well as authorised dealers are again violating FEMA. It is high time RBI initiate special audit of the elimination of defaulters from the list from FEMA angle in last two years. Will the authorities wake up now. This route is allowed to be abused since 2004 for money laundering and round tripping. And only RBI woke up when its failure was brought to its notice in 2013, after modus operandi of remitting commission was published in news papers and EDPMS was introduced in 2014.
It would be unfair to say that RBI has not actioned on EDPMS defaulters. RBI had in fact got IEC blocked which was later opened up. This definitely sent strong message to exporters. Further there are many times the reconciliation is not being done due to genuine reasons like remitter name is different from the buyer name or exports sent to Iran, Sudan etc. I believe we also need to streamline the whole process to make it easier. I don't think there is any website from where exporter can download complete list of pending cases against IEC. The process of reconciling the payment with the export is a manual process with physical movement of papers.