https://www.taxtmi.com/caselaws?id=791604 Foreign exchange remitted for a specific import purpose must be applied to that purpose or lawfully realized and repatriated; ad hoc third-party adjustments are not sufficient without admissible evidence or RBI permission. The Tribunal rejected the attempt to justify unutilised remittance through supplies and refunds routed via a separate company, holding that distinct legal entities could not be treated as interchangeable for FEMA compliance. It also noted that customs proceedings were independent and did not determine FEMA liability. The appellant was found in contravention of Section 10(6) of FEMA read with Regulation 6(1) of the 2000 Regulations, but the penalty was reduced as excessive on the facts. en-us Thu, 07 May 2026 00:00:00 +0530 Thu, 14 May 2026 09:01:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791604 Foreign exchange remitted for a specific import purpose must be applied to that purpose or lawfully realized and repatriated; ad hoc third-party adjustments are not sufficient without admissible evidence or RBI permission. The Tribunal rejected the attempt to justify unutilised remittance through supplies and refunds routed via a separate company, holding that distinct legal entities could not be treated as interchangeable for FEMA compliance. It also noted that customs proceedings were independent and did not determine FEMA liability. The appellant was found in contravention of Section 10(6) of FEMA read with Regulation 6(1) of the 2000 Regulations, but the penalty was reduced as excessive on the facts. Case-Laws FEMA Thu, 07 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791604