New Delhi: The Enforcement Directorate has issued show cause notices to 33 firms for contravention of Foreign Exchange Management Act (FEMA) in the last six months.
"Based on the investigations carried out by Directorate of Enforcement, the adjudicating authorities under FEMA have issued show cause notices to 33 firms/companies during last six months for contravention of the relevant provisions of the said Act.
"In addition to ED, RBI also issues memorandum and cautionary advices for contraventions of FEMA which are material and technical in nature. During the last six months, RBI has issued 873 cautionary advices and 480 memorandums to the contraveners," Minister of State for Finance S S Palanimanickam said in a written reply in Lok Sabha.
PTI
