Enforcement director - notice after 13 years


A case has been referred by RBI to Enforcement Directorate for non-submission of bill of entry for an import that was made in 2001, a gap of about 13 years. we do not have any records now to prove that the bill of entry was submitted to the bank. 

 

Though no notice has been received till now, but someone from enforcement directorate is calling me and aksing me to submit the bill of entry along with penalities.

 

My queries:

1. does the law of limitation not apply to such matters?

2. there must be some maximum period for which we are supposed to maintain records. For an Authorised dealer it is 1 year in case no penal action is initiated by RBI. 

3. how can we resolve this?

will be grateful for a response.

pawan.

 
Reply   
 

Firstly,

Your query is unclear about the nature & descripttion of the Notice received from enforcement directorate.
I presume it could be FEMA violations or Money Laundering activities(PMLA,2002).One the basis of nature of notice and stipulated law,the limitation period can be checked.

 
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