https://www.taxtmi.com/caselaws?id=457405 A person entitled to receive foreign exchange under FERA Section 16(1)(a) remains liable if non-receipt is caused or prolonged by its own omissions, including failure to obtain required approvals, complete stipulated obligations, or take effective steps to demand performance from the non-resident purchaser; on these facts, contravention was established. Directors who were shown to be in charge of and responsible for the company's business were held liable for the company's contravention under Section 68, with board-level control supporting attribution of responsibility. The penalty order was sustained on merits. en-us Fri, 05 Jun 2009 00:00:00 +0530 Wed, 18 Sep 2024 18:32:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457405 A person entitled to receive foreign exchange under FERA Section 16(1)(a) remains liable if non-receipt is caused or prolonged by its own omissions, including failure to obtain required approvals, complete stipulated obligations, or take effective steps to demand performance from the non-resident purchaser; on these facts, contravention was established. Directors who were shown to be in charge of and responsible for the company's business were held liable for the company's contravention under Section 68, with board-level control supporting attribution of responsibility. The penalty order was sustained on merits. Case-Laws FEMA Fri, 05 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457405