Inland gold seizures require evidence of smuggling when local purchase records establish procurement, while cash confiscation requires a smuggling lin...
Non-resident rights subscriptions require compliant existing shareholdings, while penalty proportionality depends on the circumstances of the transact...
Construction consultancy meeting competing service descriptions follows the earlier classification entry when specificity and essential character cann...
Digital onboarding for overseas individual investors permits remote KYC from FATF-compliant countries while preserving verification and audit safeguar...
Real estate insolvency compliance requires access to regulatory records, prominent site disclosures and continued adherence to property law during res...
Non-resident rights subscriptions require existing shares to...
Non-resident rights subscriptions require compliant existing shareholdings, while penalty proportionality depends on the circumstances of the transaction.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Non-resident rights subscriptions require existing shares to have been acquired and held in accordance with the applicable foreign exchange regulations. Failure to meet the RBI permission requirement for the original acquisition renders a subsequent rights subscription non-compliant, even if no penalty was imposed for the acquisition. In FEMA adjudication, a recorded opinion for proceeding with an inquiry must be supplied on request where objections to the show-cause notice were submitted; without objections, there is no such mandate. Penalty proportionality may be assessed in light of transactions through banking channels, absence of concealment and inaction over the original acquisition. A penalty equal to the amount involved was reduced to 25% of that amount.
Non-resident rights subscriptions require existing shares to have been acquired and held in accordance with the applicable foreign exchange regulations. Failure to meet the RBI permission requirement for the original acquisition renders a subsequent rights subscription non-compliant, even if no penalty was imposed for the acquisition. In FEMA adjudication, a recorded opinion for proceeding with an inquiry must be supplied on request where objections to the show-cause notice were submitted; without objections, there is no such mandate. Penalty proportionality may be assessed in light of transactions through banking channels, absence of concealment and inaction over the original acquisition. A penalty equal to the amount involved was reduced to 25% of that amount.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Get Daily Updates 
