Duties of Authorised Person [ Section 10(4) ]

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....late Tribunal for Foreign Exchange, New Delhi ] • In this case the appellant -Bank was granted license to act as authorised dealer under section. • It was alleged that the appellant had allowed deposit foreign currency totaling  to US Dollars 72800 in NRE account on nine different occasions within short span of one week. • In reply to the show-cause notice, the appellant -bank denied the allegation. • Penalty was imposed on the ground of contravention, among others, of Section 10(4) of FEMA Act. Important and relevant Notification and Circular  1. Remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme....

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....ative Republic of Guyana (GO-GUY), for making available to the latter, Government of India supported Line of Credit (LoC) of USD 2.50 mn (USD Two Million Five Hundred Thousand Only) for installation of Solar Photo Voltaic Power Plant at Cheddi Jagan International Airport in Guyana. [ A.P. (DIR Series) Circular No. 14 Dated 8th July 2024 w.e.f. 24.06.2024 ] 3.  Release of Foreign Exchange for Miscellaneous Remittances • Authorised Dealers are permitted to release foreign exchange for any current account transaction, on the basis of a simple letter containing basic information viz., name and the address of the applicant, name and address of the beneficiary, amount to be remitted and purpose of remittance. ....