Appellant was found guilty of contravening Sections 8(3) read ...

Over-invoicing book imports and illegal forex remittances lead to FERA penalty.

Case Laws FEMA

September 14, 2024

Appellant was found guilty of contravening Sections 8(3) read with 8(4) and Sections 8(3) read with 8(4) read with Section 64 of FERA for over-invoicing imported books and unauthorised foreign exchange remittances through proprietorship firms. Although not the mastermind, Appellant had knowledge of the fraudulent scheme and allowed the main accused to use proprietorship names for imports. Based on recorded statements and available records, Appellate Tribunal established Appellant's involvement in the contravention. The penalty was reduced to Rs. 2 Lakhs, which was already pre-deposited. The blocked amount of Rs. 60,859.52 in Appellant's firm's account was directed to be released along with interest.

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Appellant was found guilty of contravening Sections 8(3) read ...

Over-invoicing book imports and illegal forex remittances lead to FERA penalty.

Case Laws FEMA

September 14, 2024

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