Order u/s 19(1) of FEMA imposing penalty for contravention of ...

Penalty under FEMA for company's violations; in-charge liability reversed due to lack of knowledge and due diligence exercised.

Case Laws FEMA

September 19, 2024

Order u/s 19(1) of FEMA imposing penalty for contravention of Section 42(1) challenged. Transactions carried out in violation of FEMA provisions. Liability of person in-charge and responsible for company's conduct of business. Deeming clause holds in-charge liable, with proviso excluding those without knowledge and exercising due diligence. Appellant claimed not being in-charge of compliances, with safeguards and policy in place. Adjudicating Authority silent on Appellant's role and plea. Appellant proved contravention without knowledge and due diligence exercised. Impugned order set aside by Appellate Tribunal in favor of Appellant.

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Order u/s 19(1) of FEMA imposing penalty for contravention of ...

Penalty under FEMA for company's violations; in-charge liability reversed due to lack of knowledge and due diligence exercised.

Case Laws FEMA

September 19, 2024

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