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2012 (7) TMI 145 - HC - FEMAFERA – penalty - contravention of Section 9(1)(f)(i) of FERA 1973 - appellants had paid equivalent Indian currency through Mr. Niranjan Shah to a person outside India without any general or special exemption granted by the RBI as a consideration for acquisition of US$ 1,00,000 - Each of the appellant received US$ 25000/- in their respective saving bank account on or about 12.10.1991 as and by way of remittance - According to the appellants the said remittances were received by them in accordance with the scheme namely Remittances in Foreign (Immunities ) Scheme, 1991 – Held that:- Scheme framed under the said Act gives various immunities which are listed in Section 3 of the said Act - payments made to Shri Niranjan Shah for being remitted outside India with a view to acquire US$ 25000/- by such appellant would not be in violation of Section 9(1)(f)(i) of the FERA Act in view of the fact that the amount of US$ 25,000/- has been declared as having been received under the said Scheme - no action could have been initiated against appellants under Section 9(1)(f)(i) of the FERA Act
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