https://www.taxtmi.com/caselaws?id=467490 Failure to file required foreign investment intimations and FC-GPR forms, and failure to refund inward remittances within the prescribed period, constituted contraventions of FEMA and the applicable foreign-security regulations. These compliance obligations attract civil monetary liability irrespective of criminal mens rea. Liability for the contraventions was affirmed because the receipt of remittances and the non-compliance were admitted. Penalty quantum was nevertheless reduced, as the appellate authority could consider mitigating material, the statutory penalty framework, prior compounding efforts and proportionality. The adjudication order consequently stood modified only to the extent of the reduced penalties. en-us Mon, 30 Sep 2024 00:00:00 +0530 Fri, 20 Mar 2026 18:58:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467490 Failure to file required foreign investment intimations and FC-GPR forms, and failure to refund inward remittances within the prescribed period, constituted contraventions of FEMA and the applicable foreign-security regulations. These compliance obligations attract civil monetary liability irrespective of criminal mens rea. Liability for the contraventions was affirmed because the receipt of remittances and the non-compliance were admitted. Penalty quantum was nevertheless reduced, as the appellate authority could consider mitigating material, the statutory penalty framework, prior compounding efforts and proportionality. The adjudication order consequently stood modified only to the extent of the reduced penalties. Case-Laws FEMA Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467490