Karnataka   

Notices issued

PANAJI: Under Section 16(3) of the Foreign Exchange Management Act (FEMA), 1999, one company and its five directors and 10 other individuals in Goa have been issued notices for contravention of provisions of Section 6(3) of the Act read with relevant regulations of the RBI.

Goa MP Shantaram Naik was given this information in the Rajya Sabha last week by the Union Minister of State for Finance. In a written reply, the Minister informed Mr. Naik that notices had been issued for contravention of the provisions of the FEMA and regulations made there under in nine cases in Goa.

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