https://www.taxtmi.com/caselaws?id=756960 The Appellate Tribunal under SAFEMA dismissed appeals by two employees charged under FEMA Section 5 for carrying US$ 50,000 in traveler's cheques to Sri Lanka without RBI permission. The Export Executive appellant claimed ignorance of the violation, while the Finance Manager appellant denied involvement in procuring additional foreign exchange. The Tribunal held both liable - the Export Executive for failing to verify RBI permission despite ignorance of law being no excuse, and the Finance Manager for vicarious liability given his position. However, considering their minor roles as employees compared to company directors, the Tribunal reduced their penalties from Rs. 1,00,000 to Rs. 50,000 each, partially allowing the appeals. en-us Mon, 08 Jul 2024 00:00:00 +0530 Tue, 13 Aug 2024 07:05:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756960 The Appellate Tribunal under SAFEMA dismissed appeals by two employees charged under FEMA Section 5 for carrying US$ 50,000 in traveler's cheques to Sri Lanka without RBI permission. The Export Executive appellant claimed ignorance of the violation, while the Finance Manager appellant denied involvement in procuring additional foreign exchange. The Tribunal held both liable - the Export Executive for failing to verify RBI permission despite ignorance of law being no excuse, and the Finance Manager for vicarious liability given his position. However, considering their minor roles as employees compared to company directors, the Tribunal reduced their penalties from Rs. 1,00,000 to Rs. 50,000 each, partially allowing the appeals. Case-Laws FEMA Mon, 08 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756960