ED sends notice to Shah Rukh Khan, Bachchan family and Ajay Devgn over forex remittances

Bollywood actor Shah Rukh Khan is not the only one who is facing Enforcement Directorate questions. Now, the government agency has asked all the members of Bachchan family to share details of their foreign exchange remittances over the past 13 years.

In addition, the agency has also sent a notice to Shivaay actor Ajay Devgn seeking information on his cross-border remittances. 

As per the ED interrogations into the matter, the person in question will have to disclose offshore investments under the Reserve Bank of India approved liberalised remittance scheme (LRS) as well as expenses during business trips abroad. 

Amitabh Bachchan, wife Jaya, son Abhishek, daughter-in-law Aishwarya and Ajay Devgn were served notices under Section 37 of the Foreign Exchange Management Act (Fema) which allows ED to obtain preliminary information before investigation.

“Mr Bachchan and his family members have to disclose outflows since 2004 – the year when the Reserve Bank of India introduced the Liberalised Remittance Scheme (LRS). ED is probably examining the remittances under LRS and those separately done for business trips…All transactions have been through banking channels,” an industry person told ET. 

ED’s enquiry in KKR's case was regarding the transactions related to his allotment of shares of the Indian Premier League franchisee to a Mauritius-based company of Jay Mehta, husband of Juhi Chawla — Bollywood’s actor of the ’90s. 

In Bachchan's and Devgn's case, the question is whether remittances during the years were in excess of what individuals were permitted under forex regulations,” said a banker who deals with high net worth individuals.