https://www.taxtmi.com/caselaws?id=777919 The term "person" in Section 10(5) of FEMA must be read with the statutory definition, which includes companies and firms as well as individuals and other juridical entities. On that construction, receipt of remittance funds through a company or firm does not by itself violate the provision if the required declarations and related information are obtained for the underlying remittance transaction. The record showed that student declarations were obtained and the point was not effectively disputed, so no contravention of Section 10(5) of FEMA or Para 8 of Part B of RBI Master Direction No. 07/2015-16 was established and the penalty could not stand. en-us Mon, 03 Feb 2025 00:00:00 +0530 Mon, 08 Sep 2025 13:37:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777919 The term "person" in Section 10(5) of FEMA must be read with the statutory definition, which includes companies and firms as well as individuals and other juridical entities. On that construction, receipt of remittance funds through a company or firm does not by itself violate the provision if the required declarations and related information are obtained for the underlying remittance transaction. The record showed that student declarations were obtained and the point was not effectively disputed, so no contravention of Section 10(5) of FEMA or Para 8 of Part B of RBI Master Direction No. 07/2015-16 was established and the penalty could not stand. Case-Laws FEMA Mon, 03 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777919