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Under FEMA, a charitable trust is an artificial juridical person...
FEMA borrowing restrictions bind charitable trusts, and civil penalties apply without proving intent for delayed repayment of non-resident rupee loans.
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Under FEMA, a charitable trust is an artificial juridical person within the inclusive definition of "person"; funds received from non-resident trustees and recorded as borrowings remain subject to FEMA regardless of charitable purpose. Omission of section 6(3) did not invalidate proceedings commenced before the omission took effect. Non-repatriable rupee loans from non-resident Indians had to be repaid within three years, including through credit to NRO or NRSR accounts. Contravention is a civil breach attracting penalty without proof of mens rea under section 13(1). The Tribunal upheld the breach but reduced the penalty on appeal.
Under FEMA, a charitable trust is an artificial juridical person within the inclusive definition of "person"; funds received from non-resident trustees and recorded as borrowings remain subject to FEMA regardless of charitable purpose. Omission of section 6(3) did not invalidate proceedings commenced before the omission took effect. Non-repatriable rupee loans from non-resident Indians had to be repaid within three years, including through credit to NRO or NRSR accounts. Contravention is a civil breach attracting penalty without proof of mens rea under section 13(1). The Tribunal upheld the breach but reduced the penalty on appeal.
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