https://www.taxtmi.com/caselaws?id=758317 The Appellate Tribunal under SAFEMA upheld contraventions of the Foreign Exchange Management Act 1973 by a bank and its officers for repeatedly transferring non-convertible amounts outside India without RBI permission. Despite the bank's argument that funds were subsequently returned, the Tribunal found negligence established through multiple unauthorized transfers. While confirming the violations, the Tribunal reduced penalties from Rs.65 lakhs to Rs.30 lakhs for the bank and from Rs.10 lakhs to Rs.3 lakhs for individual officers, finding the original penalties disproportionate to the contraventions. en-us Tue, 13 Aug 2024 00:00:00 +0530 Wed, 11 Sep 2024 16:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758317 The Appellate Tribunal under SAFEMA upheld contraventions of the Foreign Exchange Management Act 1973 by a bank and its officers for repeatedly transferring non-convertible amounts outside India without RBI permission. Despite the bank's argument that funds were subsequently returned, the Tribunal found negligence established through multiple unauthorized transfers. While confirming the violations, the Tribunal reduced penalties from Rs.65 lakhs to Rs.30 lakhs for the bank and from Rs.10 lakhs to Rs.3 lakhs for individual officers, finding the original penalties disproportionate to the contraventions. Case-Laws FEMA Tue, 13 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758317