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Foreign-currency remittances for overseas tournament services...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained breaches.
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Foreign-currency remittances for overseas tournament services were treated as current account transactions because they did not alter assets, liabilities or contingent liabilities; related findings concerning the dedicated foreign-currency account, service-expense reimbursements, pouring-rights revenue, EEFC credits and authorised dealer liability were set aside. Reimbursements to the service provider were not borrowing or lending absent a loan arrangement or interest. EEFC-account drawals generally did not require prior approval, but remittances exceeding the recorded contractual liability constituted a contravention. Delayed repatriation of ticket-sale proceeds also constituted a contravention, while liability of office-bearers depended on whether they were in charge of the organisation's affairs. The natural-justice objection failed because hearing and cross-examination opportunities were provided.
Foreign-currency remittances for overseas tournament services were treated as current account transactions because they did not alter assets, liabilities or contingent liabilities; related findings concerning the dedicated foreign-currency account, service-expense reimbursements, pouring-rights revenue, EEFC credits and authorised dealer liability were set aside. Reimbursements to the service provider were not borrowing or lending absent a loan arrangement or interest. EEFC-account drawals generally did not require prior approval, but remittances exceeding the recorded contractual liability constituted a contravention. Delayed repatriation of ticket-sale proceeds also constituted a contravention, while liability of office-bearers depended on whether they were in charge of the organisation's affairs. The natural-justice objection failed because hearing and cross-examination opportunities were provided.
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