Over 4,100 cases under the repealed FERA are pending in the country, the government told the Lok Sabha today.
While 3,291 cases under the Foreign Exchange Regulation Act (FERA) are pending before trial courts for prosecution, 900 cases under this Act, repealed some years ago, are pending for adjudication as in May, Minister of State for Finance Nirmala Sitharaman said in a written reply.
FERA has now been replaced by the Foreign Exchange Management Act (FEMA) and is regulated by the Enforcement Directorate.
The Minister said the ED is taking a number of steps to expedite such cases.
"The counsels conducting the cases have been instructed not to seek unnecessary adjournments and the prayer from the defence side for such adjournment are to be vehemently opposed and effective steps are to be taken for examination of prosecution witnesses and defence witnesses to ensure speedy disposal of trial," she said.
According to Sitharaman, the counsels have also been advised to prepare the cases assigned to them well in advance in order to render effective assistance to the courts towards speedy disposal of such cases.
The ED, she said, "has been able to finalise 265 adjudication cases during the financial year 2013-14 as against 39 adjudication cases during the financial year 2012-13" under FERA.
In reply to a separate question, Sitharaman said "till date, assets worth Rs 24.50 crore have been attached under the Prevention of Money Laundering Act in one case" in the coal scam probe case being conducted by the ED.
