https://www.taxtmi.com/caselaws?id=754062 The Appellate Tribunal under SAFEMA upheld contraventions under FERA 1973 against the appellant company and three individual appellants. The company made unauthorized payments to a UK-based entity without RBI permission, using bank drafts purchased from Punjab Sindh Bank and State Bank of India. The tribunal found the appellants' conduct contumacious, rejecting their defense that they were not responsible for currency conversion. Penalties were imposed totaling Rs. 32,00,000 on the company and Rs. 8,00,000 on each individual appellant, with pre-deposits adjusted against the penalty amounts. 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 The Appellate Tribunal under SAFEMA upheld contraventions under FERA 1973 against the appellant company and three individual appellants. The company made unauthorized payments to a UK-based entity without RBI permission, using bank drafts purchased from Punjab Sindh Bank and State Bank of India. The tribunal found the appellants' conduct contumacious, rejecting their defense that they were not responsible for currency conversion. Penalties were imposed totaling Rs. 32,00,000 on the company and Rs. 8,00,000 on each individual appellant, with pre-deposits adjusted against the penalty amounts. Case-Laws FEMA Tue, 14 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754062