Section 37A of FEMA : Section 37A: Special Provisions Relating To Assets Held Outside India In Contravention Of Section 4
FEMA
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Explanation using Example
Imagine a businessman, Mr. Sharma, who has a property in Switzerland that he acquired without adhering to the regulations under Section 4 of the Foreign Exchange Management Act (FEMA) 1999. The Enforcement Directorate (ED) receives a tip-off about this illegal acquisition. An Authorized Officer from the ED, upon investigation, believes that Mr. Sharma's property in Switzerland is indeed held in contravention of FEMA.
The Authorized Officer, after recording the reas...
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