Person chargeable with duty must be the importer at importation; subsequent purchasers cannot be held liable where beneficial owner rules did not appl...
Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
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Funds remitted by a non-resident investor were treated as investment on repatriation basis because no shares were allotted, part of the money was remitted back, and the company's own records and filings supported that characterisation; Regulation 5(1) therefore applied, not the non-repatriation scheme. Once that position was established, failure to intimate RBI, issue shares, or refund within the prescribed period constituted contraventions under FEMA. The managing director was also liable under the person-in-charge provision because the transactions were directly linked to him and he showed no lack of knowledge or due diligence. Penalty followed despite absence of mens rea, cross-examination was properly refused for want of prejudice, and only the quantum of penalty was reduced.
Funds remitted by a non-resident investor were treated as investment on repatriation basis because no shares were allotted, part of the money was remitted back, and the company's own records and filings supported that characterisation; Regulation 5(1) therefore applied, not the non-repatriation scheme. Once that position was established, failure to intimate RBI, issue shares, or refund within the prescribed period constituted contraventions under FEMA. The managing director was also liable under the person-in-charge provision because the transactions were directly linked to him and he showed no lack of knowledge or due diligence. Penalty followed despite absence of mens rea, cross-examination was properly refused for want of prejudice, and only the quantum of penalty was reduced.
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