https://www.taxtmi.com/article/detailed?id=13303 Contravention under Section 10(6) arises when a person uses acquired foreign exchange otherwise than for the declared purpose or fails to surrender it; authorised persons must obtain declarations and report suspected evasion. Company-level contraventions attract liability for persons in charge unless they prove lack of knowledge or due diligence. Enforcement and penalty assessment examine whether remittances breached transactional terms, the responsible individuals' control over business operations, and the adequacy of recovery or remedial efforts, with penalties subject to reassessment for proportionality. en-us Wed, 08 Jan 2025 10:23:44 +0530 Wed, 08 Jan 2025 10:23:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13303 Contravention under Section 10(6) arises when a person uses acquired foreign exchange otherwise than for the declared purpose or fails to surrender it; authorised persons must obtain declarations and report suspected evasion. Company-level contraventions attract liability for persons in charge unless they prove lack of knowledge or due diligence. Enforcement and penalty assessment examine whether remittances breached transactional terms, the responsible individuals' control over business operations, and the adequacy of recovery or remedial efforts, with penalties subject to reassessment for proportionality. Articles FEMA - Foreign Exchange Management Wed, 08 Jan 2025 10:23:44 +0530 https://www.taxtmi.com/article/detailed?id=13303