ED issued 220 FEMA notices in three years: Govt

ED issued 220 FEMA notices in three years: Govt New Delhi: The Enforcement Directorate has issued 220 notices for violation of forex laws in the last three years.

"...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.

PTI