https://www.taxtmi.com/acts?id=2006 Section 13 of the Foreign Exchange Management Act, 1999 imposes adjudicatory penalties for contraventions of the Act, subordinate instruments, and Reserve Bank authorisation conditions. Penalties may be based on the sum involved, with an additional daily penalty for continuing defaults. Overseas acquisition of specified foreign assets above the statutory threshold may also attract confiscation, prosecution, imprisonment, and fine. Currency, security, money, or property connected with a contravention may be confiscated, and foreign exchange holdings may be directed to be repatriated or retained outside India as authorised. en-us Sat, 19 Jan 2008 22:45:54 +0530 Thu, 27 Aug 2026 15:17:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=2006 Section 13 of the Foreign Exchange Management Act, 1999 imposes adjudicatory penalties for contraventions of the Act, subordinate instruments, and Reserve Bank authorisation conditions. Penalties may be based on the sum involved, with an additional daily penalty for continuing defaults. Overseas acquisition of specified foreign assets above the statutory threshold may also attract confiscation, prosecution, imprisonment, and fine. Currency, security, money, or property connected with a contravention may be confiscated, and foreign exchange holdings may be directed to be repatriated or retained outside India as authorised. Act-Rules FEMA Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=2006