https://www.taxtmi.com/caselaws?id=753171 Calcutta HC upheld conviction under Section 57 of FERA for non-realization of export proceeds. The petitioner was originally sentenced to 6 months imprisonment and Rs. 5,000 fine. Court rejected argument that lenient FEMA provisions should apply, holding that FERA provisions remain applicable to pre-1999 offences under sunset clause provisions. However, considering petitioner's age (75 years) and time lapse since 1996 incident, HC modified sentence to fine of Rs. 3 lakhs within three months, removing imprisonment component. Conviction upheld but sentence modified. en-us Wed, 22 May 2024 00:00:00 +0530 Mon, 27 May 2024 21:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753171 Calcutta HC upheld conviction under Section 57 of FERA for non-realization of export proceeds. The petitioner was originally sentenced to 6 months imprisonment and Rs. 5,000 fine. Court rejected argument that lenient FEMA provisions should apply, holding that FERA provisions remain applicable to pre-1999 offences under sunset clause provisions. However, considering petitioner's age (75 years) and time lapse since 1996 incident, HC modified sentence to fine of Rs. 3 lakhs within three months, removing imprisonment component. Conviction upheld but sentence modified. Case-Laws FEMA Wed, 22 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753171