https://www.taxtmi.com/caselaws?id=774014 The Appellate Tribunal under SAFEMA upheld violations of FEMA 1999 involving misdeclaration and undervaluation of imported plastic granules through hawala channels. The tribunal found sufficient evidence based on email communications and statements proving contraventions under sections 3(d) and 4 of FEMA on preponderance of probabilities. While confirming the violations, the tribunal reduced the penalty for undervaluation from Rs. 60,00,000 to Rs. 30,00,000, considering it excessive. Penalties of Rs. 10,000 each for non-surrender of foreign exchange and illegal possession of foreign currency were upheld, along with confiscation of the foreign exchange. en-us Thu, 19 Jun 2025 00:00:00 +0530 Wed, 02 Jul 2025 08:42:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774014 The Appellate Tribunal under SAFEMA upheld violations of FEMA 1999 involving misdeclaration and undervaluation of imported plastic granules through hawala channels. The tribunal found sufficient evidence based on email communications and statements proving contraventions under sections 3(d) and 4 of FEMA on preponderance of probabilities. While confirming the violations, the tribunal reduced the penalty for undervaluation from Rs. 60,00,000 to Rs. 30,00,000, considering it excessive. Penalties of Rs. 10,000 each for non-surrender of foreign exchange and illegal possession of foreign currency were upheld, along with confiscation of the foreign exchange. Case-Laws FEMA Thu, 19 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774014