https://www.taxtmi.com/caselaws?id=789307 Import of consignments on credit was treated as falling within the foreign exchange borrowing framework rather than a mere current account transaction for purposes of the regulatory breach. The Tribunal held that where an importer avails foreign currency credit beyond the permitted six-month period and remittance is made after expiry of that period, Regulation 5(3) of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 is contravened; proof of a separate loan contract was not necessary. The breach was considered technical because the remittance had been completed, so the penalty was reduced substantially while the finding of contravention was maintained. en-us Wed, 25 Mar 2026 00:00:00 +0530 Tue, 07 Apr 2026 07:48:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789307 Import of consignments on credit was treated as falling within the foreign exchange borrowing framework rather than a mere current account transaction for purposes of the regulatory breach. The Tribunal held that where an importer avails foreign currency credit beyond the permitted six-month period and remittance is made after expiry of that period, Regulation 5(3) of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 is contravened; proof of a separate loan contract was not necessary. The breach was considered technical because the remittance had been completed, so the penalty was reduced substantially while the finding of contravention was maintained. Case-Laws FEMA Wed, 25 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789307