Show Cause Notices issued for 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 mentioned Below: –

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 anUnstarred Question in Lok  Sabha today.

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eMinds Legal Consulting Pvt. Ltd. is a Consulting Firm in India specialzing in Corporate Laws, Compliances, Secretarial, FEMA, Indirect Taxation, Cyber Laws & Contracts. The Firm comprises of a team of professionals of Company Secretaries, Lawyers and Chartered Accountants with an in-depth subject matter knowledge and participative industry experience of over 12 years.

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