Enforcement Directorate issues FEMA notices to forex, gold traders
NEW DELHI: Enforcement Directorate (ED), monitoring consumption of old high denomination currency in the gold and forex market, has issued notices to traders under the provision of FEMA.
While the agency remained tight-lipped on the number of such notices, sources said nearly 110 have been issued so far and plans are to zero in on more gold and forex traders in other places outside Delhi.
The modus operandi adopted after the demonetization of Rs 500 and Rs 1,000 currency notes is to use unaccounted gold stock against receipt of demonetised currencies at a heavily discounted rate. Similarly, the sleuths were on trail of forex traders who might have exchanged currency at premium using old high denomination notes.
The finance ministry has instructed all revenue intelligence agencies to join the crackdown on forex traders, hawala operators and jewellers besides tracking movement of demonetised currency notes.
While the agency remained tight-lipped on the number of such notices, sources said nearly 110 have been issued so far and plans are to zero in on more gold and forex traders in other places outside Delhi.
The modus operandi adopted after the demonetization of Rs 500 and Rs 1,000 currency notes is to use unaccounted gold stock against receipt of demonetised currencies at a heavily discounted rate. Similarly, the sleuths were on trail of forex traders who might have exchanged currency at premium using old high denomination notes.
The finance ministry has instructed all revenue intelligence agencies to join the crackdown on forex traders, hawala operators and jewellers besides tracking movement of demonetised currency notes.
