Foreign exchange contravention penalties impose enhanced fines, confiscation and potential prosecution for unlawful acquisition of overseas assets. Section 13 imposes monetary penalties for contraventions of the Act or associated instruments, including enhanced penalties for acquisition of foreign exchange, foreign securities or overseas immovable property beyond a prescribed threshold, confiscation of equivalent value situated in India, and potential criminal prosecution initiated by a specified enforcement officer. Adjudicating authorities may also order confiscation of currency, securities or converted property and direct repatriation or retention of foreign exchange holdings; 'property' includes bank deposits, converted Indian currency and assets arising from conversion.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Foreign exchange contravention penalties impose enhanced fines, confiscation and potential prosecution for unlawful acquisition of overseas assets.
Section 13 imposes monetary penalties for contraventions of the Act or associated instruments, including enhanced penalties for acquisition of foreign exchange, foreign securities or overseas immovable property beyond a prescribed threshold, confiscation of equivalent value situated in India, and potential criminal prosecution initiated by a specified enforcement officer. Adjudicating authorities may also order confiscation of currency, securities or converted property and direct repatriation or retention of foreign exchange holdings; "property" includes bank deposits, converted Indian currency and assets arising from conversion.
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