Current Affairs

Locals Cautioned About Contravention Of FEMA

In view of the order to confiscate four properties purchased by foreign nationals in Goa in contravention of the Foreign Exchange Management Act (FEMA), the State government has once again cautioned vendors and purchasers regarding the Act and the effect of its contravention.
The Directorate of Enforcement (DoE), Mumbai, has ordered confiscation of four properties of foreign nationals of non-Indian origin; vide its adjudication order dated 11th August 2010, for contravention of Foreign Exchange Management Act (FEMA).

It may be recalled that the Government of Goa had constituted a committee under Joint Secretary Anupam Kishore for examining the cases related to acquisition of immovable properties by foreign nationals. The Committee had examined all such cases and found contravention of FEMA in nearly 480 cases, which were forwarded to the Directorate of Enforcement for further action. The Directorate of Enforcement has issued show cause notices in all the cases and adjudication process is going on with respect to these cases.
So far adjudication orders have been passed in four cases. In all these four cases, contravention of FEMA has been established and orders of confiscation of property have been passed. Orders in other cases are also expected shortly. Government of Goa has also been repeatedly issuing press statements cautioning foreign nationals against acquisition of immovable property in Goa, by contravening the provisions of FEMA 1999.

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