Legitimacy of foreign funds governs post residence transfer rights; unexplained funds attract contravention and permit penalty reduction.

Standard of proof by preponderance confirms FEMA contraventions based on bank credits and TT corroboration, with confiscation and penalty adjustment.

Abetment under FERA found where corroborated retracted statements and presumption of culpable mental state establish meeting of minds.

Currency Declaration Requirement for arriving passengers: declare aggregate foreign exchange on arrival; produce form when converting or departing.

Retraction of confession rejected where delayed and uncorroborated; corroboration sustained, confiscation upheld and penalty reduced.

Continuing Liability of Struck Off Companies persists; pre deposit noncompliance sustains penalty and appellate reduction may adjust individual fines.

FOB Valuation: protective-agent commissions affect export duty and can trigger civil penalties and director liability.

Binding effect of an approved resolution plan confirmed following restoration of its approval; impugned order set aside and appeal allowed.

Enforcement of foreign judgments: reciprocity and contractual damages enforceability despite alleged FEMA/RBI non compliance.

Enforceability versus executability: a judicially affirmed foreign award is executable and not open to re litigation of decided objections.

Reporting under Foreign Exchange Management Act: revised ECB reporting forms (ECB 1, ECB 2) mandated, with immediate effect.

Admissibility of Customs Act statements in FEMA cases upheld where independent corroboration supports retracted confessions and enforcement findings.

External Commercial Borrowing amended to tighten end use restrictions, maturity, security, reporting and conversion rules.

External Commercial Borrowing rules consolidated: amended Regulations replace parts of Master Directions and bind Authorised Dealer Category I banks.

Liability of struck off companies and FEMA civil penalties: company remains liable; individual penalty reduced on proportionality grounds.

Voluntary Retention Route for FPI debt investments now counted under General Route limits; optional exit after minimum retention period allowed.

Specific performance suit and FERA bar: court limits its adverse finding to one additional issue, leaving enforceability for trial.

Extension of Customs Act to EEZ exports and FEMA compliance affirmed; contravention found but penalties reduced on proportionality grounds.

Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...