TaxTMI 
TaxTMI 
Penalties under FEMA Act [ Section 13 ]
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....he penalty proceedings, in the context of section 23(1)(a) of FERA Act, 1947 (Section 14 of FEMA Act,1999), the M.R. Pratap v Director of enforcement 1969 Cr. lj 1582, Madras High Court has held that the proceeding under that section are civil proceeding and the nature of the proceedings was not changed by the introduction of section 23D of FERA Act,1947 ( Section 16 of FEMA Act,1999) so as to mak....
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....h contravention * Where such amount not quantifiable :- upto Rs. 2 lakhs * (ii) Frequency of the alleged act leading to the contravention- whether "one Time" or "continuing". in the continuing contravention, there is "additional "penalty over and above the main penalty. * further penalty which may extend to five thousand rupees for every day after the first day ....
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....ue equivalent, situated in India, the Foreign exchange, foreign security or immovable property. * in addition to the penalty imposed under section 13(1A), punishable with imprisonment for a term which may extend to five years and with fine. [ Section 13(1C) ] * Prosecution Section [ Section 13(1B) ] * If the Adjudicating Authority, in a proceeding under sub-section (1A) deems fits may recom....
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....as taken place shall be confiscated to the Central Government and * further direct that the foreign exchange holdings, if any of the persons committing the contraventions or any part thereof, shall be brought back into India or shall be retained outside India in accordance with the directions made in this behalf. * For the purposes of this section * (a) deposits in a bank, where the said pro....