The case involves an offense u/s 5 of FEMA for carrying US$ ...

Business trip with $50,000 in Cheques without permission led to FEMA violation. Appellant not liable, but Finance Manager aware. Penalties reduced.

Case Laws FEMA

August 13, 2024

The case involves an offense u/s 5 of FEMA for carrying US$ 50,000 in Travelers Cheques without necessary permissions for a business trip. The appellant was not directly involved in applying for the foreign exchange, which was done by company directors. Despite lack of awareness, appellant was held liable for not verifying RBI permission. Finance Manager was found vicariously liable for being aware of the violation. Penalties were reduced for the appellants due to their minor roles. The appeal partially allowed, reducing penalties to Rs. 50,000 each, already pre-deposited.

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The case involves an offense u/s 5 of FEMA for carrying US$ ...

Business trip with $50,000 in Cheques without permission led to FEMA violation. Appellant not liable, but Finance Manager aware. Penalties reduced.

Case Laws FEMA

August 13, 2024

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