Enforcement Directorate (ED), Goa, last week issued 20 notices to British, Russian, German and Italian nationals for violations of the Foreign Exchange Management Act (FEMA) relating to purchase of immovable properties in Goa. The foreign nationals have been asked to show cause as to why the properties should not be confiscated by the central government.

The ED notice says, "There appears to be contravention of section 6(3) (1) of the act read with regulation 8 of Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations 2000." Most of those who have been served notices are British nationals followed by Russians. The properties in question are residential flats, bungalows and ancestral properties.

Earlier ED had served 20 notices, mostly to Russians, who had purchased agricultural land in the state. Between October 2012 and March 31, 2013, some 40 notices have been served, of which 35 relate to properties in North Goa and five in South Goa.

-

Source: timesofindia.indiatimes.com