https://www.taxtmi.com/caselaws?id=798717 Section 37A permits temporary seizure of equivalent domestic assets where recorded reasons to believe support suspected contravention of the prohibition on acquiring, holding, owning, possessing or transferring foreign exchange or foreign assets outside India. Information concerning foreign entities, beneficial ownership, foreign-held profits and an overseas decree can provide the required prima facie basis, notwithstanding a pending challenge to that decree. Its application to foreign exchange or assets continuously held abroad after Section 37A commenced is prospective, even where the underlying transactions pre-date commencement. Foreign employment permits alone do not displace the statutory residence test; the estate's status, rather than an administratrix's personal residential status, governs the assessment. en-us Wed, 02 Sep 2026 00:00:00 +0530 Fri, 11 Sep 2026 08:13:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798717 Section 37A permits temporary seizure of equivalent domestic assets where recorded reasons to believe support suspected contravention of the prohibition on acquiring, holding, owning, possessing or transferring foreign exchange or foreign assets outside India. Information concerning foreign entities, beneficial ownership, foreign-held profits and an overseas decree can provide the required prima facie basis, notwithstanding a pending challenge to that decree. Its application to foreign exchange or assets continuously held abroad after Section 37A commenced is prospective, even where the underlying transactions pre-date commencement. Foreign employment permits alone do not displace the statutory residence test; the estate's status, rather than an administratrix's personal residential status, governs the assessment. Case-Laws FEMA Wed, 02 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798717