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>> RESERVE BANK OF INDIA Latest News

JUL 19, 2013 - Yahoo! News

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India police agency says Wal-Mart violated investment rules

By Nandita Bose MUMBAI (Reuters) - Wal-Mart Stores Inc violated Indian rules governing foreign investment, the country's top police agency said in a letter to a member of parliament seen by Reuters. The Central Bureau of Investigation (CBI) said in the letter that according to its analysis, Wal-Mart's investment violated Reserve Bank of India guidelines and Foreign Exchange Management Act regulations. However, it said violation of FEMA regulations does not fall under its remit, so it could not investigate the matter. ...

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