https://www.taxtmi.com/article/detailed?id=9357 The Foreign Exchange Management Act prohibits residents from acquiring, owning, holding, transferring or possessing foreign exchange, foreign securities or immovable property outside India; residence is determined by statutory residence criteria. Contraventions of FEMA provisions, rules, directions, regulations and Reserve Bank authorisations attract monetary penalties (including higher penalties for quantified breaches and daily penalties for regular contraventions), confiscation of equivalent value in India for excess foreign asset holdings, and criminal punishment including imprisonment with fine. Converted forms of property such as bank deposits and domestic currency fall within the scope of penalty and confiscation provisions. en-us Fri, 17 Jul 2020 08:19:17 +0530 Fri, 17 Jul 2020 08:19:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9357 The Foreign Exchange Management Act prohibits residents from acquiring, owning, holding, transferring or possessing foreign exchange, foreign securities or immovable property outside India; residence is determined by statutory residence criteria. Contraventions of FEMA provisions, rules, directions, regulations and Reserve Bank authorisations attract monetary penalties (including higher penalties for quantified breaches and daily penalties for regular contraventions), confiscation of equivalent value in India for excess foreign asset holdings, and criminal punishment including imprisonment with fine. Converted forms of property such as bank deposits and domestic currency fall within the scope of penalty and confiscation provisions. Articles FEMA - Foreign Exchange Management Fri, 17 Jul 2020 08:19:17 +0530 https://www.taxtmi.com/article/detailed?id=9357