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of <h1>Foreign Exchange Rule Violations Can Trigger Massive Fines, Asset Seizures, and Potential Criminal Charges Under FEMA</h1> The statutory provision outlines penalties for contraventions under the Foreign Exchange Management Act. Violations can result in financial penalties up to three times the involved sum or two lakh rupees for non-quantifiable amounts. Continuing violations incur additional daily penalties. For unauthorized foreign asset acquisitions exceeding prescribed thresholds, penalties may include monetary fines, potential confiscation, and potential criminal prosecution with imprisonment up to five years. The Adjudicating Authority has discretion to direct confiscation of related currency, securities, or property to the Central Government.
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