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ED issued 220 FEMA notices in three years: Govt

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Press Trust of India New Delhi
Last Updated : Jan 20 2013 | 6:29 AM IST

"...During 2009-10, 2010-11 and 2011-12, Directorate of Enforcement, in pursuance to its own investigations has issued show cause notices under Foreign Exchange Management Act, in 220 cases relating to illegal transfer of funds into India through unauthorised channels," Minister of State for Finance S S Palanimanickam told Lok Sabha in a written reply.

The ED has not registered any case relating to illegal money flow from foreign countries in coordination with state government, the minister said.

"The existing provisions of FEMA are considered to be adequate and appropriate on the quantum of penalty or punishment," he said.

  

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First Published: Nov 30 2012 | 2:45 PM IST

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