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of <h1>FEMA Act Section 13: Penalties for Violations and Unlawful Foreign Asset Holding, Including Fines and Potential Imprisonment.</h1> Section 13 of the FEMA Act, 1999, addresses contraventions as civil offenses applicable to all individuals, regardless of nationality or residency. It empowers authorities to impose penalties for violations of the Act, its rules, or conditions set by the Reserve Bank. Penalties can be up to three times the sum involved or up to Rs. 2 lakhs if unquantifiable, with additional penalties for ongoing violations. Section 13(1A) to (1D), added in 2015, introduces penalties and potential imprisonment for holding assets outside India unlawfully. Confiscation of assets is also possible. Adjudicating authorities are designated based on the monetary value of cases.
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