https://www.taxtmi.com/caselaws?id=767754 The Appellate Tribunal under SAFEMA upheld FEMA contraventions against two appellants for failure to realize and repatriate export proceeds totaling USD 3,93,094.63 across 07 GRs. The Tribunal rejected appellants' defense that their retirement from the export firm absolved them of liability, noting the statutory six-month realization period had expired before their resignation date. The Tribunal found insufficient evidence of effective recovery steps and held both appellants liable under Sections 7 and 8 of FEMA. However, the penalty was reduced from the original amount to Rs 10,00,000 each, with pre-deposits of Rs 5,00,000 to be adjusted against the reduced penalties. en-us Thu, 27 Feb 2025 00:00:00 +0530 Tue, 25 Mar 2025 08:48:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767754 The Appellate Tribunal under SAFEMA upheld FEMA contraventions against two appellants for failure to realize and repatriate export proceeds totaling USD 3,93,094.63 across 07 GRs. The Tribunal rejected appellants' defense that their retirement from the export firm absolved them of liability, noting the statutory six-month realization period had expired before their resignation date. The Tribunal found insufficient evidence of effective recovery steps and held both appellants liable under Sections 7 and 8 of FEMA. However, the penalty was reduced from the original amount to Rs 10,00,000 each, with pre-deposits of Rs 5,00,000 to be adjusted against the reduced penalties. Case-Laws FEMA Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767754