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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
Tribunal Confirms Asset Confiscation Under FERA, Differentiating Adjudication from Prosecution Proceedings
The Tribunal upheld asset confiscation under FERA, affirming that prosecution and adjudication proceedings are independent processes.
Aug 20, 20243 min read
Appellate Tribunal SAFEMA Affirmed Penalties under FERA Despite Acquittal in the Prosecution Case: Held No Right to Cross-Examination in Quasi-Judicial Proceedings
SAFEMA upholds FERA penalties, denying witness cross-examination despite prior acquittal.
Jun 8, 20243 min read
FERA Provisions Upheld for Pre-FEMA Offences: Conviction Maintained, Sentence Adjusted for Elderly Offender
FERA rules apply retroactively in a key ruling, with sentence adjustments for age considerations.
Jun 1, 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
Bank of Foreign Economic Affairs v. Enforcement Directorate: Tribunal Addresses Compliance and Justice in FERA Violations
Tribunal revises hefty FERA fine, affirming both law and fairness in complex global finance.
May 18, 20243 min read
Foreign Tax Credit: A Comprehensive Overview
Explore how the Foreign Tax Credit prevents double taxation and stimulates economic growth globally. A must-read for global investors!
May 7, 202413 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
'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