Tuesday, 25 February 2020

Adnan Sami fined 5 million for purchasing eight flats

MUMBAI: Indian Foreign Exchange Management Act (FEMA) appellate tribunal has fined INR 5 million to singer Adnan Sami over purchasing in Mumbai when he was a Pakistani national.

According to details, Adnan Sami had bought eight flats in Mumbai in 2003 without prior permission from the Reserve Bank of India (RBI).

As per Indian law, the foreign nationals are required to take RBI’s permit before buying property in India.

Responding to the fine, the musician claimed he was unaware that Pakistani nationals cannot buy property in India.

Moreover, the penalty amount has to be paid within three months of the order, however, Adnan Sami had earlier deposited INR one million.

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