https://www.taxtmi.com/caselaws?id=281293 Proceedings for a contravention under the repealed foreign exchange regime cannot be initiated after the statutory sunset period in Section 49(3) of FEMA, and a pre-commencement failure to realise export proceeds cannot be retrospectively proceeded against under FEMA once that limitation has expired. The alleged default had already been complete before FEMA came into force, and the notice was issued long after the two-year period preserved by Section 49(4). The Karnataka HC therefore held that the show-cause notice initiating action for the old contravention was without jurisdiction and could not be sustained. en-us Tue, 25 Jan 2011 00:00:00 +0530 Wed, 12 Jun 2019 17:12:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281293 Proceedings for a contravention under the repealed foreign exchange regime cannot be initiated after the statutory sunset period in Section 49(3) of FEMA, and a pre-commencement failure to realise export proceeds cannot be retrospectively proceeded against under FEMA once that limitation has expired. The alleged default had already been complete before FEMA came into force, and the notice was issued long after the two-year period preserved by Section 49(4). The Karnataka HC therefore held that the show-cause notice initiating action for the old contravention was without jurisdiction and could not be sustained. Case-Laws FEMA Tue, 25 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281293