The AT upheld the penalty imposed by the authorities u/s 8(1) of ...

Hefty Fines for Unauthorized Foreign Exchange Transfer Sans RBI Approval.

December 27, 2024

Case Laws FEMA AT

The AT upheld the penalty imposed by the authorities u/s 8(1) of FERA, 1973 on the appellants Shri Anil Agarwal, Navin Agarwal, and D.P. Agarwal for transferring foreign exchange equivalent to Rs. 208 crores without RBI's permission. The AT rejected the appellants' argument of putting the burden of proof on the respondents, as D.P. Agarwal failed to appear and produce documents despite summons. The AT drew an adverse inference against him for non-response and found the penalties of Rs. 20 crores on the company and Rs. 5 crores each on the individuals reasonable. Consequently, the appeals were dismissed.

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The AT upheld the penalty imposed by the authorities u/s 8(1) of ...

Hefty Fines for Unauthorized Foreign Exchange Transfer Sans RBI Approval.

December 27, 2024

Case Laws FEMA AT

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