Withdrawal of obsolete FEMA circulars streamlines rules on external commercial borrowings, non-resident bond investments, and money transfer sub-agent...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Section 6(3) of FEMA continued to govern foreign-remittance contraventions committed while it was in force despite its subsequent omission. Delayed reporting of foreign investment and delayed share allotment constitute civil regulatory breaches for which liability does not require mens rea unless the statute so provides; later compliance and claimed bona fides do not make the defaults technical. Confiscation under FEMA is discretionary and additional to monetary penalty, requiring a fact-based judicial assessment, including misuse of remittances in a restricted real-estate sector. Director liability depends on responsibility for company affairs: liability does not attach without proof of control, but may attach where managerial responsibility, knowledge, or lack of due diligence is established.
Section 6(3) of FEMA continued to govern foreign-remittance contraventions committed while it was in force despite its subsequent omission. Delayed reporting of foreign investment and delayed share allotment constitute civil regulatory breaches for which liability does not require mens rea unless the statute so provides; later compliance and claimed bona fides do not make the defaults technical. Confiscation under FEMA is discretionary and additional to monetary penalty, requiring a fact-based judicial assessment, including misuse of remittances in a restricted real-estate sector. Director liability depends on responsibility for company affairs: liability does not attach without proof of control, but may attach where managerial responsibility, knowledge, or lack of due diligence is established.
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