Visheshwar Gaba
11 years 6 months ago
FERA 1973 was replaced by FEMA, 1999 to provide for management of foreign exchange compared to regulation of foreign exchange. however, preventive detention law for FE regulation - COFEPOSA is still in force. This law has been misused in the past issuing detention orders against businessmen also merely on grounds of bureaucratic whims when even High Courts were seized of the matter. This law is quite abused for extortion purposes and needs to be repealed. Law under money laundering are quite ok.
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