India Ponders Amnesty to Counter Capital Flight

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Saturday, November 1, 1986
Author: 
Bruce Zagaris
Volume: 
2
Issue: 
11
Abstract: 
In early November 1986, Indian Finance Minister Singh submitted to the federal parliament an amnesty program for illegal foreign investments by Indian nationals.  The plan focuses on identifying investments which violate the Foreign Exchange Regulation Act (FERA).  Both individuals and corporations will be granted amnesty from criminal prosecution if the required disclosure is made before March 31,1987.