Sources told CNBC TV-18 that the Enforcement Directorate proposes to close nearly 1,500 Foreign Exchange Regulation Act (FERA) violation cases.
The ED’s proposal has been sent to the Department of Revenue, sources said.
Pic used for representational purposes only.
The ED has set Rs 10 lakh as the benchmark for closing a case, sources revealed to the channel.
A total of 3,500 cases under FERA are being pursued currently.
The cases are being pursued under various sections of FERA.
FERA was repealed in year 2000.
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