https://www.taxtmi.com/caselaws?id=763730 A bank was found to have contravened the FERA prohibition on placing funds to the credit of a non-resident by opening and maintaining an account without RBI permission, and absence of mens rea did not avoid liability because the statutory scheme treated the breach on a strict basis and deemed the permission holder to have contravened the provision. However, the penalty was reduced substantially because the bank had disclosed the lapse to the authorities, no deliberate mala fides or wilful non-cooperation was established, the transaction arose in an older regulatory context, and the institution handled public money. The contravention finding was maintained, but the monetary penalty was scaled down. en-us Tue, 15 Oct 2024 00:00:00 +0530 Fri, 27 Dec 2024 09:00:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763730 A bank was found to have contravened the FERA prohibition on placing funds to the credit of a non-resident by opening and maintaining an account without RBI permission, and absence of mens rea did not avoid liability because the statutory scheme treated the breach on a strict basis and deemed the permission holder to have contravened the provision. However, the penalty was reduced substantially because the bank had disclosed the lapse to the authorities, no deliberate mala fides or wilful non-cooperation was established, the transaction arose in an older regulatory context, and the institution handled public money. The contravention finding was maintained, but the monetary penalty was scaled down. Case-Laws FEMA Tue, 15 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763730