33 more properties under ED scanner

  • Published in Real Estate

PANAJI: About 33 more properties owned by European nationals in Goa have come under the scanner of the enforcement directorate (ED). ED, last week, issued about 24 show-cause notices to British, German and Italian nationals for violations of the Foreign Exchange Management Act (FEMA) while purchasing properties in Goa. They have been asked to show cause as to why the properties should not be confiscated by the central government.

Over 40 notices have been served on foreigners under FEMA since October 2012.

Confirming the latest development, an ED official told STOI, "Twenty-four foreigners have been issued notices. The (inquiry) process is under way for the rest (of the cases) that have come to light."

The properties include residential apartments, bungalows, and ancestral property, and most of the 24 notices are to British nationals. Asked the status of the earlier notices, the official said the ED has begun receiving replies from the foreigners.

Stating that "there appears to be contravention of Section 6 (3) (1) of the Act read with regulation 8 of the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations 2000", the latest notices read: "You are therefore required to show cause in writing within 30 days of the receipt of this notice, as to why adjudication proceedings as contemplated under Section 13 of FEMA, 1999, should not be held against you... and as to why the said property which is involved in the contravention should not be confiscated to the central government account in terms of Section 13 (2) of FEMA, 1999."

Those served the notice have been "requested to appear either in person or through legal practitioners or chartered accountants... to explain and produce such documents or evidence as may be useful for or relevant to the subject matter... as and when called for." Failure, neglect or refusal to appear will attract ex-parte proceedings, they have been warned.

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