(a) whether inquiry into the cases of violation of provisions of Foreign
Exchange Management Act (FEMA) 1999 by some companies, sent by Reserve Bank
of India (RBI) has been completed;
(b) if so, the details along with the outcome thereof;
(c) if not, the reasons for delay, if any;
(d) whether Enforcement Directorate has fixed any time limit for completing
the said inquiry; and
(e) if so, the details thereof?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI S.S. PALANIMANICKAM)
(a) to (c) : Based upon the information received from Reserve Bank of India, during
the period 2009-10 onwards, the Adjudicating Authorities under FEMA have, on conclusion
of investigations by Enforcement Directorate, issued 29 Show Cause Notices for alleged
contravention of the relevant provisions of Foreign Exchange Management Act, 1999.
(d) & (e) : It is always the endeavor of the Enforcement Directorate to complete
investigations within a reasonable time frame.