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Post-Adjudication Compounding Rejected: Calcutta High Court Clarifies Scope Under FEMA
This judgment by the Calcutta High Court settles a critical question under FEMA: can compounding be sought after an adjudication order is passed? The Court held that compounding is a pre-adjudication remedy and rejected the petitioner’s attempt to revive the option post-penalty. The decision reinforces the procedural integrity of FEMA and clarifies that contraveners must elect remedies in a time-bound and disciplined manner.
Apr 254 min read
[AT SAFEMA, NEW DELHI] Tribunal Upholds FEMA Liability of Former Partners Despite Retirement Before Adjudication
The SAFEMA Appellate Tribunal upheld FEMA liability against former partners of Rosecut Diamonds for failure to realise export proceeds within the prescribed timeframe under GR forms. Despite their resignation prior to adjudication, the Tribunal held that the obligation under sections 7 and 8 of FEMA had crystallised during their tenure. The penalty was reduced, but liability was affirmed for non-compliance with foreign exchange regulations.
Mar 203 min read
New Guidelines on Compounding of Contraventions under FEMA
Revised 2024 FEMA guidelines simplify the process for compounding contraventions, streamlining compliance and reducing legal risks.
Oct 10, 20245 min read
FEMA Compounding Rules 2024: Key Amendments and Non-Compoundable Offences
Explore key changes in FEMA Rules 2024, including new compounding guidelines and introduction of non-compoundable offences.
Sep 21, 20243 min read
Unveiling the Nexus: Transfer Pricing, Customs SVB Pricing, and FEMA
Explore how transfer pricing, customs valuation, and FEMA intersect, influencing cross-border transactions and regulatory compliance.
Sep 6, 202412 min read
MoF Introduces Key Amendments to FEM (Non-debt Instruments) Rules, 2019: Facilitating Equity Swaps, Defining Control, and Updating Investment Norms
MoF's new rules enhance foreign equity swaps and refine investment controls.
Aug 22, 20244 min read
SAFEMA: Justification of Property Seizure under Section 37A without Evidence of Non-Contravention
Appellate Tribunal SAFEMA upholds property seizure under section 37A of FEMA, emphasising the minimal threshold for proving contravention.
Jul 26, 20246 min read
SAFEMA Clarifies Employee Accountability Under FEMA
SAFEMA ruling emphasizes strict employee compliance with FEMA, impacting penalties.
Jul 17, 20243 min read
Foreign Currency Confiscation: SAFEMA Appellate Tribunal Confirms Penalties for Foreign Exchange Violations
SAFEMA Tribunal upholds ED's penalties on unauthorised forex transactions, stressing robust evidence.
Jul 16, 20243 min read
Investments into Foreign Funds: FEMA Implications
Navigate the complex terrain of outbound investments with our summary of FEMA and OI Rules for Indian residents investing in foreign funds.
May 18, 20243 min read
Beyond Boundaries: Absence of Limitation in FEMA Enforcement
The article analyses the intricate realm of the Foreign Exchange Management Act, 1999 ('FEMA') and its remarkable evolution from the...
Jan 11, 202410 min read
Rajasthan HC Emphasizes Timely Compliance & Accountability in Asset Seizure & Release
Rajasthan HC rules on timely asset release in ED seizures, stressing legal compliance and efficiency.
Jan 10, 20243 min read
'Control’ under the new FEMA Overseas Investment regime
Regulating outward investments by Indian residents has been an area of contention under the foreign exchange laws of India. More so, such...
Jun 23, 202311 min read
An Overview of LRS
Introduction The Reserve Bank of India (‘RBI’) introduced the Liberalized Remittance Scheme (‘LRS’) back in February 2004. The LRS allows...
Jun 6, 20236 min read
Recent changes in Liberalised Remittance Scheme ('LRS')
Amendments to bring International Credit Card Transactions within the ambit of the Liberalised Remittance Scheme of the RBI On...
May 12, 20236 min read