ED issued FEMA notices to foreigners for violations to the tune of Rs 1.44 crore: Govt

NEW DELHI: Enforcement Directorate ( ED) has issued show cause notices in alleged FEMA violation cases to the tune of Rs 1.44 crore in illegal acquisition of assets by foreigners in India in the last four years, government informed Parliament today.

The agency imposed penalty of Rs 30.20 lakh in 2012, 1.25 crore in 2013, Rs 13.47 lakh in 2014 and Rs 60,000 in the current year after it issued these notices under the Foreign Exchange Management Act (FEMA) against foreign nationals.

It also confiscated 20 immovable assets in these probes during the same period.

"The Directorate (ED) conducts investigations and issues show cause notices where the allegations of violation of provisions under FEMA are found to be substantiated. These show cause notices upon adjudication may result in imposition of penalty as well as confiscation of property involved," Minister of State for Finance Jayant Sinha said in a written reply to Lok Sabha.