ED notice to Geelani over foreign exchange

ED notice to Geelani over foreign exchange

ED notice to Geelani over foreign exchange

The Enforcement Directorate (ED) on Thursday issued a show cause notice to Hurriyat leader Syed Ali Shah Geelani for illegal possession of foreign exchange.

The ED investigation came following the recovery and seizure of $10,000 by Income Tax department from his residence in Hyderpora area of Srinagar.

“Following inputs from the I-T department, he was asked to appear in response to summons issued under the Foreign Exchange Management Act (FEMA). But Geelani did not appear. His counsel submitted a written reply and denied the recovery of foreign currency from his residence and the seizure,” the ED said in a statement.

Following the summons, the ED said, his chartered accountant submitted the appeal documents confirming the recovery and seizure of foreign currency.

Citing that the FEMA regulates the foreign exchange dealings in India and its acquisition and possession by resident Indians need general or special permission, the ED said Geelani did not have any such permission.

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