ED amends Monetary Limits of Designated Officers for adjudicating cases

The Ministry of Finance (Department of Revenue) recently issued a notification (No. F. No. K-11022/80/2011-Ad.ED) dated September 30, 2014.

The Government of India, using its powers given by Section 50 read with sub-sections (1) and (3) of section 4 of the Foreign Exchange Regulation Act, 1973 (46) and sub-sections (3), (4) and (5) of section 49 of the Foreign Exchange Management Act, 1999 (42), has made some changes to an earlier notification issued in 2014.

Specifically, the amendment changes entries in a table for Serial Numbers 3 and 4. The old details in these entries have been removed and replaced with the following condition.

As per the new rule, these entries will now apply to cases where the amount involved is more than Rs 2 crore but does not exceed Rs 10 crore.

For more information, refer to the official notification: