https://www.taxtmi.com/caselaws?id=761810 The Appellate Tribunal for SAFEMA at New Delhi enhanced penalties imposed under FEMA for non-compliance with Paragraph 9(1)(B) of Schedule 1 to FEMA Regulations, 2000. The company failed to file Form FC-GPR despite meeting other requirements under Paragraph 9(1)(A). The Tribunal held that Section 13 of FEMA does not require intention for penalizing contraventions and allows discretionary penalty imposition up to three times the contravention amount. Though the failure appeared due to unawareness, it deprived RBI of necessary compliance information. The Tribunal enhanced penalties to Rs. 20 lakhs for the company and Rs. 10 lakhs for the director, disposing of the appeal. en-us Tue, 03 Sep 2024 00:00:00 +0530 Mon, 18 Nov 2024 08:55:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761810 The Appellate Tribunal for SAFEMA at New Delhi enhanced penalties imposed under FEMA for non-compliance with Paragraph 9(1)(B) of Schedule 1 to FEMA Regulations, 2000. The company failed to file Form FC-GPR despite meeting other requirements under Paragraph 9(1)(A). The Tribunal held that Section 13 of FEMA does not require intention for penalizing contraventions and allows discretionary penalty imposition up to three times the contravention amount. Though the failure appeared due to unawareness, it deprived RBI of necessary compliance information. The Tribunal enhanced penalties to Rs. 20 lakhs for the company and Rs. 10 lakhs for the director, disposing of the appeal. Case-Laws FEMA Tue, 03 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761810