https://www.taxtmi.com/caselaws?id=383944 The Tribunal reduced the penalty imposed on the companies and individuals under FEMA from Rs. 98.35 crores to Rs. 15 crores, considering the technical nature of the contraventions and lack of financial loss to the exchequer. Penalties on individual directors were either set aside or reduced based on their involvement. The appellants were allowed to seek regulatory approval for issuing shares to remitters or refund the inward remittances as per FEMA provisions. en-us Thu, 11 Jul 2019 00:00:00 +0530 Sat, 03 Aug 2019 08:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383944 The Tribunal reduced the penalty imposed on the companies and individuals under FEMA from Rs. 98.35 crores to Rs. 15 crores, considering the technical nature of the contraventions and lack of financial loss to the exchequer. Penalties on individual directors were either set aside or reduced based on their involvement. The appellants were allowed to seek regulatory approval for issuing shares to remitters or refund the inward remittances as per FEMA provisions. Case-Laws FEMA Thu, 11 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383944