KIIFB challenges ED's jurisdiction to probe Masala bond funds, arguing only RBI can do so under FEMA.

Kerala Infrastructure Investment Fund Board (KIIFB) claims the Enforcement Directorate (ED) lacks jurisdiction to probe misuse of Masala bond funds, arguing only the Reserve Bank of India (RBI) can do so under FEMA. KIIFB and ex-Finance Minister Thomas Isaac have filed petitions challenging ED's summons. KIIFB argues that Kerala is being singled out while other states issuing similar bonds face no investigations.

July 04, 2024
3 Articles