https://www.taxtmi.com/caselaws?id=785993 FEMA was held applicable to foreign exchange transactions arising from Exclusive Economic Zone operations where the activities had a direct nexus with India, and no separate extension notification was necessary. The Tribunal also held that officers of the Directorate of Enforcement were competent adjudicating authorities under FEMA. Movement of imported fishing vessels and fish catch to foreign destinations was treated as export, so failure to file the required export declaration under Regulation 3 constituted contravention. Netting off export receivables against operational expenses required prior RBI approval under Regulation 14C, and a loan registration number was not a substitute. Penalties were sustained for contravention, though reduced, and mens rea was held unnecessary. en-us Thu, 29 Jan 2026 00:00:00 +0530 Wed, 04 Feb 2026 08:24:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785993 FEMA was held applicable to foreign exchange transactions arising from Exclusive Economic Zone operations where the activities had a direct nexus with India, and no separate extension notification was necessary. The Tribunal also held that officers of the Directorate of Enforcement were competent adjudicating authorities under FEMA. Movement of imported fishing vessels and fish catch to foreign destinations was treated as export, so failure to file the required export declaration under Regulation 3 constituted contravention. Netting off export receivables against operational expenses required prior RBI approval under Regulation 14C, and a loan registration number was not a substitute. Penalties were sustained for contravention, though reduced, and mens rea was held unnecessary. Case-Laws FEMA Thu, 29 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785993