https://www.taxtmi.com/caselaws?id=753952 Diversion of export consignments from Moscow to Dubai, followed by receipt of payment under the Rupee Credit Scheme meant for exports to the Russian Federation, constituted contravention of the foreign exchange regulatory framework and the RBI circular governing that scheme; the company was therefore liable to penalty. The director was also liable because he was in charge of and responsible for the company's business, and no material showed absence of knowledge, due diligence, or a separable role in the export decisions. The penalties on both the exporting company and its director were sustained. en-us Tue, 14 May 2024 00:00:00 +0530 Thu, 13 Jun 2024 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753952 Diversion of export consignments from Moscow to Dubai, followed by receipt of payment under the Rupee Credit Scheme meant for exports to the Russian Federation, constituted contravention of the foreign exchange regulatory framework and the RBI circular governing that scheme; the company was therefore liable to penalty. The director was also liable because he was in charge of and responsible for the company's business, and no material showed absence of knowledge, due diligence, or a separable role in the export decisions. The penalties on both the exporting company and its director were sustained. Case-Laws FEMA Tue, 14 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753952