Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Penalty for cash loan acceptance and repayment is not automatic where a bona fide reasonable cause exists. The notes state that emergency funding needs justified genuine cash loans because the lenders' identity and creditworthiness were undisputed, with no finding of unaccounted income or tax evasion. In the absence of deliberate disregard of law, contumacious conduct, or intent to defeat the restriction, the acceptance penalty was deleted. The same accepted explanation and reasonable-cause protection applied to cash repayment of those loans, resulting in deletion of the repayment penalty as well.
Penalty for cash loan acceptance and repayment is not automatic where a bona fide reasonable cause exists. The notes state that emergency funding needs justified genuine cash loans because the lenders' identity and creditworthiness were undisputed, with no finding of unaccounted income or tax evasion. In the absence of deliberate disregard of law, contumacious conduct, or intent to defeat the restriction, the acceptance penalty was deleted. The same accepted explanation and reasonable-cause protection applied to cash repayment of those loans, resulting in deletion of the repayment penalty as well.
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