https://www.taxtmi.com/highlights?id=104337 Under FEMA, a charitable trust is an artificial juridical person within the inclusive definition of "person"; funds received from non-resident trustees and recorded as borrowings remain subject to FEMA regardless of charitable purpose. Omission of section 6(3) did not invalidate proceedings commenced before the omission took effect. Non-repatriable rupee loans from non-resident Indians had to be repaid within three years, including through credit to NRO or NRSR accounts. Contravention is a civil breach attracting penalty without proof of mens rea under section 13(1). The Tribunal upheld the breach but reduced the penalty on appeal. en-us Wed, 30 Sep 2026 08:41:54 +0530 Wed, 30 Sep 2026 08:41:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=104337 Under FEMA, a charitable trust is an artificial juridical person within the inclusive definition of "person"; funds received from non-resident trustees and recorded as borrowings remain subject to FEMA regardless of charitable purpose. Omission of section 6(3) did not invalidate proceedings commenced before the omission took effect. Non-repatriable rupee loans from non-resident Indians had to be repaid within three years, including through credit to NRO or NRSR accounts. Contravention is a civil breach attracting penalty without proof of mens rea under section 13(1). The Tribunal upheld the breach but reduced the penalty on appeal. Highlights FEMA Wed, 30 Sep 2026 08:41:54 +0530 https://www.taxtmi.com/highlights?id=104337