https://www.taxtmi.com/article/detailed?id=17331 Vicarious liability under the Foreign Exchange Management Act, 1999 depends on whether a former officer was in charge of and responsible for the company's relevant day-to-day business when the contravention occurred. Designation alone is insufficient; actual functions, control, authority, and involvement in export and recovery operations must be established. Delegated authority to sign export-related and banking documents may indicate responsibility. Technical or procedural non-compliance concerning realisation of export proceeds may attract compliance consequences without proof of a particular mental state. en-us Wed, 02 Sep 2026 08:31:07 +0530 Wed, 02 Sep 2026 08:31:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=17331 Vicarious liability under the Foreign Exchange Management Act, 1999 depends on whether a former officer was in charge of and responsible for the company's relevant day-to-day business when the contravention occurred. Designation alone is insufficient; actual functions, control, authority, and involvement in export and recovery operations must be established. Delegated authority to sign export-related and banking documents may indicate responsibility. Technical or procedural non-compliance concerning realisation of export proceeds may attract compliance consequences without proof of a particular mental state. Articles FEMA - Foreign Exchange Management Wed, 02 Sep 2026 08:31:07 +0530 https://www.taxtmi.com/article/detailed?id=17331