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of <h1>Penalties for Unpaid Foreign Exchange Travel Tax: Section 102 of Finance Act 1987 Details Consequences and Waivers.</h1> Section 102 of the Finance Act, 1987, outlines penalties related to the Foreign Exchange Conservation (Travel) Tax. Individuals traveling abroad who have not paid the required tax on foreign exchange may face penalties up to twice the unpaid tax amount. Authorized dealers or money changers failing to collect or remit the tax to the Central Government may also incur penalties up to twice the tax amount involved. However, penalties may be waived if justified in writing by the designated authority. The collection and adjudication of penalties are governed by specified rules under this Chapter.
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