Pakistan International Airlines (PIA), which is being examined by the enforcement directorate (ED) for alleged...
Pakistan International Airlines (PIA), which is being examined by the enforcement directorate (ED) for alleged forex violation, has told the investigating agency that it is not in violation of the provisions that bars the citizens of certain countries from buying immovable property in India.
The enforcement directorate is probing the allegations that Pakistan International Airlines had violated provisions of the Foreign Exchange Management Act (FEMA) by purchasing immovable properties in India in 2006 without the Reserve Bank of India’s approval.
Last month, it had summoned the airlines to “explain” the purchase of six flats and five parking slots at Barakhamba Road area in the capital and submit documents pertaining to the case.
Finance ministry sources told The Indian Express that PIA has submitted its reply, saying that it is not in violation of the FEMA as “it is a company” and not a citizen and hence not barred from acquiring the property.