(a) whether the Government are contemplating to probe FERA
violation involving 4000 crores against the corporates and
trading firms;
(b) if so, the names of the corporate/firms so far identified
for the violation;
(c) the action taken/proposed to be taken by the Government against
such corporate/firms;
and
(d) the steps taken by the Government to check such violation in
future?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI GINGEE N. RAMACHANDRAN)
(a) The Foreign Exchange Regulation Act (FERA), 1973 was repealed
and replaced by the Foreign Exchange Management Act (FEMA), 1999 with
effect from 1st June 2000. However, by virtue of the provisions of
sections 49 (3) and 49 (4) of the FEMA, cases registered under the
FERA up to 31st May 2000 were processed in accordance with the relevant
provisions of FERA up to 31st May 2002. During the period of operation
of the FERA, 1973, no violation of its provisions involving an amount
of Rs. 4000 crore by corporates and trading firms has come to the
notice of the Directorate of Enforcement.
(b), (c) & (d) Do not arise.