LRS limit breached case study on penalty treatment.

[Scim R]

LRS limit breach -

How does the breach is calculated? what the penalty imposed?

Is there a recent case study available on the way RBI handled it! What are the excuses and considerations?

Please share it.

Thanks

AI Summary

Discussion on LRS Limit Breach Penalties Under FEMA and RBI's Role in Enforcement and Investigation A forum discussion centered on the Liberalized Remittance Scheme (LRS) limit breach and its penalty treatment under the Foreign Exchange Management Act (FEMA). An inquiry was made about the calculation of breaches, penalties imposed, and case studies of how the Reserve Bank of India (RBI) handles such breaches. Responses detailed the LRS limit, penalties under FEMA, and the RBI's role in investigation and enforcement. Several case laws were cited, illustrating the legal repercussions of exceeding LRS limits. The discussion also covered the compounding process for offenses and avenues for appealing RBI orders, including the Appellate Tribunal for Foreign Exchange and High Courts.