Old overseas investment deals could come under ED fire

September 25, 2023

In two recent cases, the ED has seized the office space and immovable properties of companies which had used regular banking channels to transfer funds abroad under ODI route. While the companies under question remitted tax paid money and did not use hawala operators, they nonetheless faced harsh actions for using the ODI window to buy properties for personal use and hold funds abroad in an outfit that apparently had no bona fide business activity

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