https://www.taxtmi.com/caselaws?id=796291 Foreign-exchange compliance governing non-resident share transfers, escrow arrangements, overseas-loan security and residential status is examined. Recording bank shares in the names of unapproved non-resident entities was treated as prohibited, with resulting corporate and role-based liability for responsible directors, officers and company secretaries. Escrow accounts and custody arrangements securing overseas loans required prior Reserve Bank permission and could constitute prohibited deposits or guarantees. The chairman's foreign-exchange charge did not stand because he was treated as resident outside India at the relevant time. Penalties were substantially reduced. en-us Thu, 09 Jul 2026 00:00:00 +0530 Tue, 04 Aug 2026 08:39:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796291 Foreign-exchange compliance governing non-resident share transfers, escrow arrangements, overseas-loan security and residential status is examined. Recording bank shares in the names of unapproved non-resident entities was treated as prohibited, with resulting corporate and role-based liability for responsible directors, officers and company secretaries. Escrow accounts and custody arrangements securing overseas loans required prior Reserve Bank permission and could constitute prohibited deposits or guarantees. The chairman's foreign-exchange charge did not stand because he was treated as resident outside India at the relevant time. Penalties were substantially reduced. Case-Laws FEMA Thu, 09 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796291