https://www.taxtmi.com/caselaws?id=788166 Unauthorised online foreign exchange derivative transactions effected by a resident via internet portals using payment cards constitute contraventions of the Foreign Exchange Management Act, 1999 and the Foreign Exchange Derivative Regulations because such contracts fall within the regulatory definition and require prior RBI permission; liability was therefore established. Civil penalty under Section 13(1) of FEMA is available without proof of mens rea, but adjudicatory discretion permits reduction of the penalty amount based on mitigating factors (absence of deliberate intent, actual financial loss, present earning capacity), resulting here in a reduced, proportionate penalty and adjustment of pre-deposit. en-us Thu, 12 Mar 2026 00:00:00 +0530 Wed, 18 Mar 2026 08:20:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788166 Unauthorised online foreign exchange derivative transactions effected by a resident via internet portals using payment cards constitute contraventions of the Foreign Exchange Management Act, 1999 and the Foreign Exchange Derivative Regulations because such contracts fall within the regulatory definition and require prior RBI permission; liability was therefore established. Civil penalty under Section 13(1) of FEMA is available without proof of mens rea, but adjudicatory discretion permits reduction of the penalty amount based on mitigating factors (absence of deliberate intent, actual financial loss, present earning capacity), resulting here in a reduced, proportionate penalty and adjustment of pre-deposit. Case-Laws FEMA Thu, 12 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788166