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?
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.