https://www.taxtmi.com/caselaws?id=754062 A structured banking route used to make payment to a foreign resident without Reserve Bank permission was treated as a contravention of Section 9(1)(a) of FERA, and officers were liable where they actively participated and did not rebut the statutory presumption of culpable mental state. Settlement of service charges owed to a foreign company was also treated as an acknowledgment of debt creating a right to receive payment outside India, amounting to contravention of Section 9(1)(c) with corresponding officer liability under Section 68(1). By contrast, the separate abetment charge under Section 64(2) read with Section 8(1) was not sustained, so the related penalties were set aside. en-us Tue, 14 May 2024 00:00:00 +0530 Sat, 15 Jun 2024 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754062 A structured banking route used to make payment to a foreign resident without Reserve Bank permission was treated as a contravention of Section 9(1)(a) of FERA, and officers were liable where they actively participated and did not rebut the statutory presumption of culpable mental state. Settlement of service charges owed to a foreign company was also treated as an acknowledgment of debt creating a right to receive payment outside India, amounting to contravention of Section 9(1)(c) with corresponding officer liability under Section 68(1). By contrast, the separate abetment charge under Section 64(2) read with Section 8(1) was not sustained, so the related penalties were set aside. Case-Laws FEMA Tue, 14 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754062