https://www.taxtmi.com/caselaws?id=783343 Liberalised Remittance Scheme permissions did not override a specific FEMA restriction requiring prior RBI approval for lending in foreign exchange to an overseas company, so the contravention on that issue was sustained. Remittances within the permitted LRS limit and the related overseas share investment were treated as compliant under the relevant RBI circular, so no FEMA breach was made out on that count. The penalty for holding foreign exchange abroad was upheld because the funds remained overseas without permission for a prolonged period, and the quantum was found proportionate in light of disclosure, later repatriation, and tax settlement. The common order was affirmed in substance and the cross-appeals failed. en-us Wed, 10 Dec 2025 00:00:00 +0530 Mon, 15 Dec 2025 08:39:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783343 Liberalised Remittance Scheme permissions did not override a specific FEMA restriction requiring prior RBI approval for lending in foreign exchange to an overseas company, so the contravention on that issue was sustained. Remittances within the permitted LRS limit and the related overseas share investment were treated as compliant under the relevant RBI circular, so no FEMA breach was made out on that count. The penalty for holding foreign exchange abroad was upheld because the funds remained overseas without permission for a prolonged period, and the quantum was found proportionate in light of disclosure, later repatriation, and tax settlement. The common order was affirmed in substance and the cross-appeals failed. Case-Laws FEMA Wed, 10 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783343