Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Mahesh (Manager)     20 October 2019

Agricultural lands purchased by nri - fema violation

NRI purchased agricultural lands in India by paying cash. Penalty was levied by ED for FEMA violation. Can he continue to have the agricultural lands legally? Can he avoid proceedings under other laws (for cancellation of sale deeds) because he has already paid penalty to ED?



Learning

 1 Replies

SIVARAMAPRASAD KAPPAGANTU (Retired Manager)     21 October 2019

What the order of Enforcement Directorate says besides imposing of fine/penalty regarding the property in question. My view is that if ED order is not stipulating mandatory sale to resident Indian then I think NRI can hold on such property. But it's like the government permitting a violation taking the penalty as fee. Better matter is taken up with RBI for clarity although RBI takes it's own sweet time to reply.

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register