The Directorate of Enforcement has issued Show Cause Notice for alleged contravention of Foreign Exchange Management Act, 1999 (FEMA) and the cases of prima-facie, offence of money laundering registered under Prevention of Money Laundering Act, 2002 (PMLA) against Private Companies/MNCs in the last two years are as under:-
|
Years |
FEMA |
PMLA |
|
2010-11 |
34 |
31 |
|
2011-12 |
37 |
23 |
Since the allegation of contraventions of FEMA/PMLA are required to be adjudged by the competent authorities under these enactments, it will not be appropriate to give the details of the companies at this stage.
In addition to action taken by Directorate of Enforcement for violations of FEMA, 1999, RBI entertains applications from person (resident & non-resident) who seeks compounding of an admitted contravention of FEMA for procedural violation except violations under Section 3(a) of the Act. Details of companies/MNCs which have applied for compounding of contraventions under FEMA are as under:
|
Period |
No. of Applications |
|
July, 1,2010-June 30, 2011 |
581 |
|
July 1,2011-June 30, 2012 |
478 |
Penalties prescribed in Law are not indexed to price rise.
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