ED Likely To Resolve Cases Under FERA Repealed 25 Years Ago
The criminal sections-loaded FERA of 1973 was replaced in June 2000 by the Foreign Exchange Management Act (FEMA) of 1999, a civil law
New Delhi: The enforcement directorate under the Union finance ministry is likely to bring to a conclusion cases registered under the Foreign Exchange Regulation Act (FERA), which was repealed by the country more than 25 years ago in 1998. The criminal sections-loaded FERA of 1973 was replaced in June 2000 by the Foreign Exchange Management Act (FEMA) of 1999, a civil law.
As per the officials, the federal probe agency has begun identifying about 400-500 cases in which adjudication proceedings pending before various courts under the FERA can be fast-tracked for closure, as the individuals under prosecution have either died or gone untraceable, or the assets under question have been liquidated or have ceased to exist.
The officials also said that the closure of FERA cases over the next few months would end the legacy of litigation and redundancy going on for more than two decades. “The FERA had an avatar even before 1973 which was first brought in 1947. The aim is to complete the exercise in the next few months -- the first quarter of 2026 being the immediate deadline. The last show cause notices under the FERA were issued in May 2002,” they said.
ED director Rahul Navin, during a recent conference of the agency officers held in Gujarat, had also reiterated his directions for fast-tracking of old FERA adjudication cases as he emphasised the "completion of lifecycle" of all pending cases in various forums.
