15 notices served for Fema violations in Goa only one fined 14 cases pending

Union Minister of Finance Shri Pranab Mukherjee informed Mr Shantaram Naik M.P in the Rajya Sabha today, in a written reply that during the last three years, 15 Show Cause Notices have been issued by the Enforcement Director for contravention of the provisions of FEMA and Regulations made thereunder to persons / companies in Goa. These Noticees are either foreign nationals or companies in which foreign nationals are Directors.

He further informed Mr Naik that adjudication proceedings have been completed in one case, which resulted in imposition of penalty of Rs. 2 lakh besides confiscation of property worth Rs. 4 lakh, and that, adjudication proceedings are continuing in respect of the remaining 14 cases.

Specifying the nature of offences or violations committed in the last three years Mr Mukherjee said that as regards individual foreign nationals they relate to acquisition and transfer of immovable property in India by persons resident outside India.

As regards companies, violations involveTransfer / issuance of shares of a company registered in India in favour of any person resident outside India without receipt of consideration amount by way of inward remittances from abroad; and further, bringing in of foreign exchange from abroad as FDI under automatic route by companies and, utilization of the same for a prohibited purpose, the minister said.