https://www.taxtmi.com/acts?id=2035 Corporate liability for foreign exchange contraventions extends to the company and persons in charge of and responsible for its business when the breach occurred. A responsible person may avoid punishment by proving lack of knowledge or due diligence to prevent the breach. Directors, managers, secretaries and other officers are separately liable where consent, connivance or neglect is proved. Company includes a body corporate, firm and association of individuals, and director includes a firm's partner. en-us Sat, 19 Jan 2008 22:45:54 +0530 Thu, 27 Aug 2026 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=2035 Corporate liability for foreign exchange contraventions extends to the company and persons in charge of and responsible for its business when the breach occurred. A responsible person may avoid punishment by proving lack of knowledge or due diligence to prevent the breach. Directors, managers, secretaries and other officers are separately liable where consent, connivance or neglect is proved. Company includes a body corporate, firm and association of individuals, and director includes a firm's partner. Act-Rules FEMA Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=2035