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AT held that under Contravention-I the appellant's remittances and subsequent investment in shares of an overseas company were compliant with LRS and the relevant RBI Master Circular, as the amount invested was within the prescribed limit and constituted permissible capital investment; no FEMA contravention was made out on this count. However, in respect of Contraventions II and III, AT upheld the findings of the Adjudicating Authority that extending loans in foreign exchange to foreign companies by a resident individual without prior RBI approval is not permitted under Section 6(2) FEMA, related Regulations or LRS. Penalties imposed were found proportionate; no interference or enhancement was warranted. Appeals were dismissed.
AT held that under Contravention-I the appellant's remittances and subsequent investment in shares of an overseas company were compliant with LRS and the relevant RBI Master Circular, as the amount invested was within the prescribed limit and constituted permissible capital investment; no FEMA contravention was made out on this count. However, in respect of Contraventions II and III, AT upheld the findings of the Adjudicating Authority that extending loans in foreign exchange to foreign companies by a resident individual without prior RBI approval is not permitted under Section 6(2) FEMA, related Regulations or LRS. Penalties imposed were found proportionate; no interference or enhancement was warranted. Appeals were dismissed.
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