ED confirms seizure of Rs 1.59crore from Chennai-based businessman
Siddharth Prabhakar | TNN | Nov 30, 2017, 14:29 IST
CHENNAI: The Enforcement Directorate on Thursday confirmed seizure of Rs 1.59crore movable properties of Chennai-based businessman Pradip D Kothari under the newly introduced provisions of Section 37 of the Foreign Exchange Management Act (FEMA) for holding foreign assets without proper approvals.
Kothari had US$3,52,258 held in account number 5091365665 of Xenios Foundation in HSBC Bank, Geneva, without RBI permission and without declaring it to income tax Authorities.
Further, he could not produce any evidence to show that the amount was repatriated to India. As it is a violation under Section 4 of the FEMA read with regulation 3 of Foreign Exchange Management (foreign currency accounts by a person resident in India) Regulations 2000, the Enforcement Directorate, Chennai, seized Rs 1.59 crore of Pradeep D Kothari, held in his demat account number DP ID: IN300484 with Axis Bank Ltd, Mylapore branch, under the provisions of Section 37A of the FEMA on June 27 this year. .
Holding assets outside India without proper permissions amounts to contravention of the provisions of Section 4 of the FEMA. As per the provisions of newly introduced Section 37A of the FEMA, equivalent value of the foreign assets abroad can be seized in India by the Enforcement Directorate and a petition to be filed before the competent authority to confirm the seizure within 180 days.
Siddharth Prabhakar | TNN | Nov 30, 2017, 14:29 IST
CHENNAI: The Enforcement Directorate on Thursday confirmed seizure of Rs 1.59crore movable properties of Chennai-based businessman Pradip D Kothari under the newly introduced provisions of Section 37 of the Foreign Exchange Management Act (FEMA) for holding foreign assets without proper approvals.
Kothari had US$3,52,258 held in account number 5091365665 of Xenios Foundation in HSBC Bank, Geneva, without RBI permission and without declaring it to income tax Authorities.
Further, he could not produce any evidence to show that the amount was repatriated to India. As it is a violation under Section 4 of the FEMA read with regulation 3 of Foreign Exchange Management (foreign currency accounts by a person resident in India) Regulations 2000, the Enforcement Directorate, Chennai, seized Rs 1.59 crore of Pradeep D Kothari, held in his demat account number DP ID: IN300484 with Axis Bank Ltd, Mylapore branch, under the provisions of Section 37A of the FEMA on June 27 this year. .
Holding assets outside India without proper permissions amounts to contravention of the provisions of Section 4 of the FEMA. As per the provisions of newly introduced Section 37A of the FEMA, equivalent value of the foreign assets abroad can be seized in India by the Enforcement Directorate and a petition to be filed before the competent authority to confirm the seizure within 180 days.
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