https://www.taxtmi.com/highlights?id=78548 The Appellate Tribunal found the Appellant Company guilty of contravening u/s 9(1)(a) of FERA 1973 by making payments to a person outside India without RBI permission. The company abetted in contravention of u/s 8(1) of FERA 1973. The Tribunal noted the company's actions facilitated the conversion of rupee accounts, disregarding statutory obligations. The Tribunal applied the presumption of culpable mental state u/s 59 of FERA 1973, shifting the burden to the Appellants, which they failed to rebut. The Tribunal upheld penalties for contraventions u/s 9(1)(a) and u/s 9(1)(c) against the Appellant Company and individual Appellants. Penalties for contraventions u/s 8(1) were set aside. Total penalties imposed were Rs. 32,00,000 on the Company and Rs. 8,00,000 on each individual Appellant, with adjustments for pre-deposits. en-us Mon, 17 Jun 2024 08:44:22 +0530 Mon, 17 Jun 2024 08:44:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78548 The Appellate Tribunal found the Appellant Company guilty of contravening u/s 9(1)(a) of FERA 1973 by making payments to a person outside India without RBI permission. The company abetted in contravention of u/s 8(1) of FERA 1973. The Tribunal noted the company's actions facilitated the conversion of rupee accounts, disregarding statutory obligations. The Tribunal applied the presumption of culpable mental state u/s 59 of FERA 1973, shifting the burden to the Appellants, which they failed to rebut. The Tribunal upheld penalties for contraventions u/s 9(1)(a) and u/s 9(1)(c) against the Appellant Company and individual Appellants. Penalties for contraventions u/s 8(1) were set aside. Total penalties imposed were Rs. 32,00,000 on the Company and Rs. 8,00,000 on each individual Appellant, with adjustments for pre-deposits. Highlights FEMA Mon, 17 Jun 2024 08:44:22 +0530 https://www.taxtmi.com/highlights?id=78548