Overseas asset contraventions above the prescribed threshold attract enhanced penalties, equivalent-value confiscation, prosecution procedure, and potential imprisonment. Acquisition of foreign exchange, foreign security, or immovable property outside India above the prescribed threshold attracts a penalty of up to three ... Summary
Overseas asset contraventions above the prescribed threshold attract enhanced penalties, equivalent-value confiscation, prosecution procedure, and potential imprisonment.
Acquisition of foreign exchange, foreign security, or immovable property outside India above the prescribed threshold attracts a penalty of up to three times the sum involved and confiscation in India of equivalent value. Prosecution may be recommended and directed only after written reasons are recorded, with a criminal complaint filed by an officer not below the rank of Assistant Director. The contravention may also result in imprisonment of up to five years and fine, and court cognizance requires a written complaint by the specified officer.
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