https://www.taxtmi.com/caselaws?id=754022 Instructions issued by a party that cause authorised dealers to make transfers to non-resident convertible rupee accounts from non-convertible rupee funds can amount to abetment of foreign exchange law contravention, particularly where the payments fall outside the governing bilateral trade and banking framework. The adjudicatory proceeding treated the presumption of culpable mental state as applicable and rejected the defence that responsibility rested only with the banks. The Tribunal upheld liability but found the penalty disproportionate and reduced the monetary sanction substantially. en-us Tue, 07 May 2024 00:00:00 +0530 Fri, 14 Jun 2024 16:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754022 Instructions issued by a party that cause authorised dealers to make transfers to non-resident convertible rupee accounts from non-convertible rupee funds can amount to abetment of foreign exchange law contravention, particularly where the payments fall outside the governing bilateral trade and banking framework. The adjudicatory proceeding treated the presumption of culpable mental state as applicable and rejected the defence that responsibility rested only with the banks. The Tribunal upheld liability but found the penalty disproportionate and reduced the monetary sanction substantially. Case-Laws FEMA Tue, 07 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754022