May 2024
Intermediate to advanced
688 pages
51h 31m
English
Content preview from Business Environment, 1st Edition by Pearson
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Part V: Economic Legislations
provision often led to unwarranted harassment of bone fi de business
persons and companies. Many innocent persons and organizations
were victimized by corrupt bureaucrats with show cause notices
and prosecution for alleged FERA violations on narrow technical
grounds. On the other hand, there were thousands of individual and
corporate violators who got away scot free because of the right con-
nection or by sheer luck.
FERA, 1973 was considered a piece of draconian legislation
because of the enormous powers that were vested with the Enforcement
Directorate of the Income Tax Department. There was hardly any
Indian company promoter or major industrialist who did not dread
it and pray for its withdrawal. This ...
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