FEMA offences - Liability of person-in-charge of company - ...

FEMA violation: Forex trading bitcoins in USD led to seizure of ₹1.97 crore. ED's bid to initiate fresh proceedings rejected.

Case Laws FEMA

July 9, 2024

FEMA offences - Liability of person-in-charge of company - Investment in forex trading bitcoins traded in USD - Indian currency seized worth Rs. 1,97,03,000/- confiscated to Central Government account u/s 13(2) of FEMA, 1999. Enforcement Directorate's (ED) contention for remanding case to initiate fresh proceedings against respondents along with M/s Ambidant Marketing Pvt. Ltd. rejected due to: (1) No notice issued to Ambidant, revision petition not maintainable; (2) Ambidant not impleaded as party; (3) Ambidant incorporated in Dubai, beyond territorial jurisdiction; (4) Seized currency already confiscated; (5) Penalty not recovered, respondents untraceable; (6) Ambidant's operational status unknown; (7) Revisions without penalty realization attempt to favor noticees; (8) Revision filed after 10 months, time-barred. Appellate Tribunal's decision upheld.

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FEMA offences - Liability of person-in-charge of company - ...

FEMA violation: Forex trading bitcoins in USD led to seizure of ₹1.97 crore. ED's bid to initiate fresh proceedings rejected.

Case Laws FEMA

July 9, 2024

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