11 Jul 2020

Rs 3.57 Crores Seized Under FEMA 1999

Reports of coming that ED conducted searches FEMA at 8 locations in Delhi and Ghaziabad including residence and offices of directors of several tour and travel companies and their CAs on 9th July. 

This resulted in an unaccounted Indian currency amounting to rupees 3.57 crore along with some several in discriminating documents and digital records. 

Investigations under FEMA 1999 were initiated against various entities including tour and travel companies on the basis of specific input that they were involved in an authorised receipt of foreign remittance through payment and gateways in the name of providing e visa services to foreigners

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