FEMA cases filed against 15 companies over Rs 17,789.9 crore: Govt

These have received FDI from tax havens like Mauritius, Singapore and Virgin Islands

Government has filed cases under Foreign Exchange Management Act (FEMA) amounting to Rs 17,789.9 crore against 15 companies that have received Foreign Direct Investment (FDI) from tax havens like Mauritius, Singapore and Virgin Islands, Parliament was informed on Friday.

"ED has registered cases under the Prevention of Money Laundering Act (PMLA), 2002, against one company for Rs 18.27 crore and under the FEMA, 1999, against 15 companies amounting to Rs 17,789.92 crore, which have received FDI from tax havens like Mauritius, France, Cyprus, Singapore, Virgin Islands, Luxembourg, Dubai and Tunisia," Minister of State for Finance Santosh Kumar Gangwar said in a written reply to the Lok Sabha.

In recent times, Gangwar said, the government has taken several steps, both by way of policy-level initiative and more effective enforcement action on the ground, to tackle tax evasion, particularly with reference to undisclosed foreign assets or income.

Replying to a separate query, the minister said, "The total quantity of destruction of illicit poppy cultivation for the calendar year 2016 (up to June) is 6,441.75 acres."

Turkey has emerged as largest exporter of poppy seeds for India. It exported 7,056 tonnes poppy seeds to India in 2015-16, he added.

The Narcotics Drugs and Psychotropic Substances (NDPS) Act, 1985, prohibits illegal cultivation of opium and other narcotic products in the country. A number of agencies have been empowered to carry out enforcement functions under the Act.

To another query, Gangwar said in the first three months of the current financial year, the Central Board of Direct Taxes (CBDT) has searched 125 groups and seized assets worth of Rs 185 crore.