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FINANCIAL NEWS
India accuses Emaar MGF of foreign exchange violations
06 Jun 2013
(MENAFN) Indian Ministry of Finance stated that the Indian government has accused UAE’s Emaar MGF Land Ltd of going against India’s foreign exchange rules with USD1.51 billion worth investments, reported Arabian Business.
The ministry also said that the violation of the rules has taken place over the past 8 years. It added that the government awaits Emaar’s response before taking any further action.
India’s central bank foreign exchange rules state that foreign funds may not be used to purchase farm land. Emaar MGF has been breaking those rules since April 2005, according to the governemnt.
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