(a) whether the Government/Reserve Bank of India proposes to amend FEMA rules that have blocked FDI in various areas ;
(b) if so, the details thereof;
(c) whether FEMA violation cases have been increasing in nexus with the officials of his Ministry and exporters/importers; and
(e) if so, the details thereof and the action plan Government propose to take in this regard ?
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI PAWAN KUMAR BANSAL)
(a) & (b) Ministry of Commerce, Deptt. of Industrial Policy and Promotion have recently liberalized Foreign Direct Investment
(FDI) Policy vide Press Note 4 (2006 Series). Reserve Bank of India is in the process of amending the relevant FEMA Regulation.
(c)&(d) There is no information about any nexus of officials of the Ministry and exporters/importers resulting in increase in FEMA
violation cases.