Current Affairs · Economic Regulations and Laws
In a high-profile corporate case, an Indian firm failed to repatriate export proceeds worth 50 million US Dollars from its overseas subsidiaries within the stipulated time, and utilized the funds abroad without prior intimation to the Authorized Dealer bank. Under the Foreign Exchange Management Act (FEMA), 1999, which entity is primarily responsible for the enforcement and investigation of such contraventions, and what is its legal nature?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The Central Bureau of Investigation (CBI), and it is prosecuted strictly under the PMLA as money laundering only.
- 2The Securities and Exchange Board of India (SEBI), and the offense is treated as insider trading in global currency.
- 3The Directorate of Enforcement (ED), and the contravention is classified as a civil offense with monetary penalties.✓
- 4The Reserve Bank of India, and the contravention is classified as a criminal offense punishable by imprisonment.
Correct answer
The Directorate of Enforcement (ED), and the contravention is classified as a civil offense with monetary penalties.
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