This is in terms of meeting a new situation which has come about as a result of liberalization of the foreign exchange management and the Act will only facilitate that management. That is the reason why we are introducing this legislation. We have already introduced the Prevention of Money Laundering Bill.
The two legislations, I will suggest, should be considered together because they cover the entire gamut of the issues that are involved in these two pieces of legislation.” 26. Often what comes across as contraventions of FEMA indeed are issues related to tax evasion or money laundering.