Fema Act, 1999 have no Provision to initiate prosecution
- Sunday, September 4, 2011, 7:00
- RBI / FEMA
- News, Notification
FEMA Violations
The Foreign Exchange Management Act, 1999 is a civil act in nature as such there is no provision for launching the prosecutions. During the last three years i.e. 2009-10,2010-11 and 2011-12 (upto July 2011) , the Directorate of Enforcement has issued 990 Show Cause Notices to various persons/firms under Foreign Exchange Management Act,1999 (FEMA), for initiating the adjudication proceedings. The Zone-wise details of the Show Cause Notices issued during the last three years is as under: -
| Zone | No. of SCN issued |
| Ahmedabad | 39 |
| Bangalore | 62 |
| Chandigarh | 102 |
| Chennai | 163 |
| Cochin | 241 |
| Delhi | 20 |
| Hyderabad | 55 |
| Lucknow | 92 |
| Kolkata | 84 |
| Mumbai | 131 |
This information was given by the Minister of State for Finance, Shri S.S.Palanimanickam in written reply to an Unstarred Question in Lok Sabha today.
Related posts:
- Compounding of Contraventions under FEMA, 1999
- RBI releases Report of the Committee to Review Facilities for Individuals under FEMA, 1999
- FAQ on Compounding of Contraventions under FEMA, 1999
- RBI’S Master Circular dated 1-7-2011 on Compounding of Contraventions under FEMA, 1999
- FEMA Circular on Compounding of Contraventions under Foreign Exchange Management Act, 1999
