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        Case ID :
        FEMA

        Appellants acted in contravention of the Foreign Exchange...

        Appellants' Forex Violations Lead to Reduced Penalties; Tribunal Acknowledges Negligence, Adjusts Fines for Bank and Individuals.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Appellants acted in contravention of the Foreign Exchange Management Act, 1973 by transferring non-convertible amount out of India, making it convertible without RBI's permission. The contravention occurred not on one occasion but multiple times, indicating negligence. Bringing the amount back does not nullify the contravention. The Adjudicating Authority rightly imposed penalty after considering all aspects, though the quantum was disproportionate. The penalty is reduced to Rs. 30 lakhs for the appellant bank and Rs. 3 lakhs each for individual appellants. Any excess amount deposited shall be refunded. The Appellate Tribunal upheld the contravention but moderated the penalty considering it a case of negligence as per the High Court's observation.
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