https://www.taxtmi.com/highlights?id=81250 Section 37A of FEMA, 1999 authorizes seizure of assets equivalent in value to foreign exchange, foreign securities, or immovable property held outside India in contravention of the Act. The threshold for invoking Section 37A is low, requiring mere reason to suspect such contravention. Information received under tax treaties can be used for initiating action u/s 37A. Seizure u/s 37A does not amount to confiscation, which can only happen after adjudication proceedings. The provision applies to continuing offenses, even if the alleged contravention occurred before its introduction in 2015, as long as the property is held after the provision came into effect. The appeal challenging the seizure order u/s 37A was dismissed. en-us Thu, 12 Sep 2024 07:56:32 +0530 Thu, 12 Sep 2024 07:56:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81250 Section 37A of FEMA, 1999 authorizes seizure of assets equivalent in value to foreign exchange, foreign securities, or immovable property held outside India in contravention of the Act. The threshold for invoking Section 37A is low, requiring mere reason to suspect such contravention. Information received under tax treaties can be used for initiating action u/s 37A. Seizure u/s 37A does not amount to confiscation, which can only happen after adjudication proceedings. The provision applies to continuing offenses, even if the alleged contravention occurred before its introduction in 2015, as long as the property is held after the provision came into effect. The appeal challenging the seizure order u/s 37A was dismissed. Highlights FEMA Thu, 12 Sep 2024 07:56:32 +0530 https://www.taxtmi.com/highlights?id=81250