Notices issues in forex violations involving Rs 35,000 cr

Notices for alleged forex violations involving more than Rs 35,000 crore have been issued by the Enforcement Directorate (ED) during the last three years, the Lok Sabha was informed today.
Complaints of alleged contraventions of the provisions of FEMA are received at various locations in zones and sub-zones and not maintained centrally. However, the Directorate of Enforcement takes appropriate action in matters of suspected contravention of the provisions of FEMA, which come to its notice, Finance Minister P Chidambaram said in a written reply.
"Consequent to investigations made by the Directorate, in respect of information/complaints received, the adjudicating authorities in Directorate of Enforcement, have, during the relevant period issued 1,624 show cause notices to various authorities including companies for alleged contravention of the relevant provisions of FEMA, to the extent of about Rs 35035.48 crore," he said.

He was asked about the details of such cases during the last three years and the current year.
"Besides, in terms of the extant instructions under FEMA, the individuals/companies who violate the provisions of the Act, have the option of applying for compounding to the RBI.
"RBI received 2107 compounding applications from the period between October 2009-March 2013," he said.