New Delhi: Anil Ambani offers to appear Virtually before ED in a 15-Year-Old FEMA Case. Reliance Group chairman Anil Ambani has agreed to cooperate with the Enforcement Directorate (ED) and proposed appearing via virtual means after being summoned under the Foreign Exchange Management Act (FEMA). The investigation pertains to alleged fund movements linked to the Jaipur–Reengus Highway Project, where the ED suspects nearly Rs 100 crore were illicitly transferred abroad through hawala channels.

According to a spokesperson for Ambani, the summons relate to a FEMA inquiry and not the Prevention of Money Laundering Act (PMLA) as some media reports have inaccurately suggested. The matter, as per the ED’s own media release dated November 3, 2025, concerns a 15-year-old case dating back to 2010 involving a domestic road contract with no foreign exchange component. The spokesperson emphasized that Ambani served as a non-executive director at Reliance Infrastructure from April 2007 to March 2022, clarifying he had no operational role in the company.

According to Ambani’s side, the matter is linked to the Jaipur-Reengus Highway Project, which was a domestic road construction contract from 2010. The project was under the name of Reliance Infrastructure Ltd and was executed under an EPC contract. It was an Indian project with no involvement of foreign exchange transactions. The company says that the JR Toll Road construction is completely finished and since 2021, it has been with the NHAI. Therefore, there is nothing in that project today that would amount to any foreign exchange regulation violation.

While Ambani has assured full cooperation and offered virtual attendance for questioning, the ED’s investigation continues into the fund movements and the hawala transactions associated with the highway project. The case underscores ongoing scrutiny of past contracts and alleged financial misconduct involving corporate groups in India.

Last Updated:November 14, 2025, 07:00 IST

Children’s Day 2025 highlights rising education costs and urges parents to invest early via Sukanya Samriddhi Yojana, PPF, NSC, ULIPs, and etc.

Children’s Day 2025: Top Plans to Build and Secure Your Child’s Financial Future

Children’s Day 2025: A great concern for every parent/guardian is to provide a good education to their children, so they can stand on their own. Rising costs and inflation are making it difficult to afford a quality education for their children. Thus, it makes sense for parents to begin investing/saving from the early days when the child is small in order to build a good corpus, which will help pay the child’s expenditures when they grow up.

Every scheme comes with its own structure, features, and way of working. So, understanding how each one functions is key to investing wisely and helping you meet long-term goals.

Mutual Fund Investment For Your Child

Parents can help child open demat account to invest in mutual fund schemes. The guardian can set up Systematic Investment Plans (SIPs) and manage mutual fund investments on behalf of their children. However, payments for mutual fund investments must be made from the child’s bank account.

Income earned by a minor from investments, such as capital gains and dividends, is generally clubbed with the income of the higher-earning parent. The parent is responsible for paying taxes on this combined income.

Once the child attains the age of maturity (18-year-old), the account must be converted to an individual account with fresh KYC documentation.

Sukanya Samriddhi Yojana (SSY)

It is a government-sponsored savings scheme for small deposits that Prime Minister Narendra Modi launched in 2015. As part of the Beti Bachao Beti Padhao campaign, this scheme helps parents or guardians pay for their girl child’s expenditures. SSY’s main objectives are to support girls’ interests in study and lessen the financial strain of marriage.

Public Provident Fund (PPF)

If you already have a PPF account in your name, you can open another one in your child’s name. The maximum amount that can be deposited into both the parent and minor accounts in a single year is Rs 1.5 lakh. In addition to your account, open a PPF child account in your child’s name and continue to make contributions to both.

National Savings Certificate (NSC)

The NSC is a fixed-income plan that is easy to open with any post office and saves income tax. It is an initiative of the Government of India. An NSC account must be opened with a minimum investment of Rs 1,000 and a monthly contribution in multiples of Rs 100. NSC accounts do not have a maximum investment limit. Anyone can choose to invest in an NSC, including children ages 10 and up. Parents or legal guardians may also make investments on a minor’s behalf.

ULIPs for Children

Child ULIPs, also known as unit-linked insurance plans, are specifically acquired for children. In addition to insurance coverage, these plans include investment opportunities to help accumulate money for the child’s future needs. There may be five-year lock-in periods for child ULIPs. Before choosing a term length, think about how long you’ll need the coverage. Popular terms are 20 or 30 years. Based on the chosen fund type, the funds are distributed across debt and equity securities.

Varun Yadav

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More

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The Government-backed NS&I is facing a bill of £3 billion and a four-year delay for its major digital revamp, having “underestimated” the scale of the challenge, the pubic spending watchdog has said.

The savings giant does not have a realistic plan in place and lacks the capability to deliver on its programme, according to the National Audit Office (NAO).

NS&I, which has more than 24 million customers and is backed by the Treasury, kickstarted a digital transformation programme in 2020.

It was hoping to reduce its running costs and modernise its IT systems as part of the plans.

The programme aims to replace its outsourcing arrangement with external supplier Atos, which it has had since 1999.

The arrangement covers most of its operations, including engagement with customers and processing payments.

NS&I said it expects the programme to end when the Atos contract expires in March 2028 – four years later than its original schedule of 2024, the NAO found in its report.

It is also set to go over budget with total costs expected to be £3 billion – up from the £1.7 billion estimated budget in 2020.

Gareth Davies, head of the NAO, said: “NS&I faced complex, long-term technology challenges and saw the ending of the contract with its external supplier as an opportunity to resolve these and transform its business.

“But it underestimated the scale of this challenge and overestimated its ability to deliver its digital transformation programme, which led to significant cost and time increases.”

The NAO said NS&I reset its programme in 2024 and has “made progress by identifying the key issues to address”.

“It must now develop a realistic integrated plan to deliver its new operating model and achieve intended benefits for the business, customers and the taxpayer,” Mr Davies concluded.

NS&I is backed by the Treasury, so money held with it has 100% security.

It raises funds for government by borrowing from individual savers, who invest in products such as premium bonds and ISAs.

A spokesman for NS&I said: “We welcome the NAO’s report and accept its recommendations.

“We are on track to raise £12 billion this year to help support public services across the UK, while maintaining our operational performance and customer satisfaction for 24 million customers.

“Our business transformation programme is key to continuing to deliver cost-effective finance for government, and the services customers want.”