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India : ILLEGAL forex dealing charged on a Businessman.

Problems have been created for the businessman, who is providing citizens with foreign currencies in exchange of rupees and Lilaram Revani is catched by special operation group (SOG) for the illegally converting foreign exchange currencies in the city on Friday night.

Furher investments will be carried on by revani by enforcement directorate (ED) officials and he may be booked for flouting the Foreign Exchange Management Act (FEMA).

SOG sleuths said that they had received a tip-off that Revani was involved in illegal act of foreign currency conversion. The accused owns a gift article shop Sainath Gifts in Karelibaug. "We raided the gift shop and questioned Revani. We found lot of foreign currencies at his shop and all of it was confiscated," said SOG police inspector R R Chaudhary.

The SOG summoned ED officials as the case was related to foreign exchange. "The ED officials were summoned so that they could decide whether Revani had flouted FEMA or whatever he was doing was legal. It was found that Revani didn't have any permission to provide services of foreign currency exchange. We have not arrested him," Chaudhary told TOI. The accused was handed over to ED officials who will now investigate the case further.

The cops found 10,300 dirhams, $ 4,300, 100 pounds, 3,700 Thailand baht and Rs 17 lakh in Indian currency from Revani's shop. "He was booked way back in 1997 under the same offence for offering services of foreign currency exchange. The ED has authority to penalize him heavily for such offence," Chaudhary added.

Foreign currencies dealing can be done only if one has special permission from the Reserve Bank of India (RBI) and nd anyone flouting the rules under FEMA can be penalized. "Revani used to convert Indian rupees into foreign currency or vice-versa for a fee," said the police.

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Publication:Mena Report
Date:Nov 26, 2012
Words:317
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