https://www.taxtmi.com/caselaws?id=278763 The court upheld the compounding order issued by the Chief General Manager of the Reserve Bank of India, requiring the petitioner to pay Rs. 57.74 lakhs for contraventions under FEMA. The rejection of the review application was affirmed, and consequences for non-compliance with the compounding order were outlined. The court quantified the contravention amount at Rs. 55.12 crore, justifying the penalty imposed. The petitioner was directed to comply with the compounding order within a specified timeframe, with no costs awarded in the case. en-us Thu, 31 Jul 2014 00:00:00 +0530 Wed, 20 Feb 2019 06:15:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278763 The court upheld the compounding order issued by the Chief General Manager of the Reserve Bank of India, requiring the petitioner to pay Rs. 57.74 lakhs for contraventions under FEMA. The rejection of the review application was affirmed, and consequences for non-compliance with the compounding order were outlined. The court quantified the contravention amount at Rs. 55.12 crore, justifying the penalty imposed. The petitioner was directed to comply with the compounding order within a specified timeframe, with no costs awarded in the case. Case-Laws FEMA Thu, 31 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278763