A total of 1,041 cases were registered under the Foreign Exchange Management Act (FEMA) during the last financial year, government told the Lok Sabha today.
Apart from the last fiscal of 2013-14, the corresponding number of cases registered under this Act stood at 1,622 (2012-13) and 1,170 (2011-12), Finance Minister Arun Jaitley said in a written reply.
"On completion of investigations under FEMA, in case any violations are noticed, show cause notices are issued to the entities concerned which are adjudicated by the appropriate adjudicating authority as per the assigned monetary limits. There is no provision under FEMA to launch prosecution proceedings for any violations and hence there is no question of conviction," he said.
