The Enforcement Directorate (ED) has announced plans to conclude hundreds of long‑pending cases registered under the Foreign Exchange Regulation Act (FERA) by the first quarter of 2026, officials said on Sunday.
FERA, a stringent foreign exchange law enacted in 1973, was repealed over 25 years ago and replaced by the Foreign Exchange Management Act (FEMA) of 1999, which takes a civil law approach to foreign exchange violations rather than the criminal provisions of FERA.
Officials told PTI that the ED has begun identifying between 400 and 500 legacy FERA cases pending before various courts. Many of these involve individuals who are now deceased, untraceable, or whose assets in question have been liquidated or no longer exist, making adjudication impractical or redundant.
The agency aims to fast‑track the closure of these cases over the coming months, with an ambitious deadline of early 2026. The move is intended to end prolonged litigation and legal redundancy associated with cases that have lingered for decades.
ED Director Rahul Navin has reportedly directed officers to focus on completing the lifecycle of all pending FERA adjudication cases, emphasising the need for expedited closure during a recent conference in Gujarat.
The last show‑cause notices under FERA were issued in May 2002, and the effort to resolve these legacy cases is expected to finally put an end to more than two decades of litigation under a law that has long been replaced.
Enforcement Directorate (ED) ne announce kiya hai ki wo hundreds of long‑pending FERA cases ko 2026 ke first quarter tak conclude karne ka plan bana raha hai, officials ne Sunday ko bataya.
FERA, jo 1973 mein enact hua tha aur ek strict foreign exchange law tha, ko 25 saal pehle repeal kar diya gaya tha aur iska replacement Foreign Exchange Management Act (FEMA) 1999 ne le liya, jo FERA ke criminal provisions ke bajaye civil law approach follow karta hai.
Officials ne PTI ko bataya ki ED ne abhi 400 se 500 legacy FERA cases identify kar liye hain jo alag-alag courts mein pending hain. Inmein se kaafi cases un individuals se related hain jo ab deceased, untraceable, ya jinke assets liquidate ya exist nahi karte, is wajah se inka adjudication impractical ya redundant ho gaya hai.
Agency ka aim hai ki in cases ko fast-track karke next kuch mahino mein close kiya jaye, jiska ambitious deadline early 2026 set kiya gaya hai. Yeh move un prolonged litigations aur legal redundancy ko khatam karne ke liye hai jo decades se pending hain.
ED Director Rahul Navin ne reportedly officers ko direct kiya hai ki wo pending FERA adjudication cases ka lifecycle complete karne par focus karein, aur recent Gujarat conference mein expedited closure ki importance bhi emphasise ki.
FERA ke under last show-cause notices May 2002 mein issue hue the, aur ab yeh effort finally do decades se chal rahi litigation ko end karne ki koshish hai, under ek law jo kaafi pehle replace ho chuka hai.
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