ED issues notices to foreigners for taking properties in Goa
The ED has issued notices to a number foreigners staying in Goa for alleged violations of forex rules in purchasing properties in the state.
Panaji: The Enforcement Directorate (ED) has issued notices to a number foreigners staying in Goa for alleged violations of forex rules in purchasing properties in the state.
The agency has issued notices to the nationals of Britian, Russia, Italy and a few other countries after they were found in alleged contravention of Section 6(3)(i) of the Foreign Exchange Management Act (FEMA) which deals with acquisition of immovable property in India by persons resident outside India (foreign national).
About 20 notices have been issued, sources said.
The ED, according to sources, has found that the foreign nationals allegedly violated RBI guidelines -- which require certain obligatory permissions to be taken before purchasing any immovable property in India.
The foreigners have been asked to report back to the agency following which penal action, if any, would be initiated against them.