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The ED had served a notice to Vikramjit Singh to appear for interrogation as part of a probe into violation of the Foreign Exchange Management Act by KIIFB by raising the Masala bonds.
The Centre-state relationship worsened further with the Kerala CM Pinarayi Vijayan writing to the Chief Election Commissioner over the ED probing KIIFB officials.
No violation of Foreign Exchange Act at KIIFB, says Kerala Finance Minister ANI | Updated: Mar 04, 2021 06:41 IST
Kochi (Kerala) [India], March 4 (ANI): Kerala Finance MinisterThomas Isaac on Wednesday said that there was no violation of the Foreign Exchange Management Act (FEMA) in alleged case of external borrowings of Kerala Infrastructure Investment Fund Board (KIIFB) through Masala Bonds. There is absolutely no violation of FEMA as we have received No Objection Certificate (NOC) from Reserve Bank of India (RBI), said Thomas Isaac while speaking to ANI.
The Finance Minister further said: There is a guideline that authorizes any body corporate to seek their permission to borrow through Masala bonds. KIIFB is body corporate.