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2017 (5) TMI 852

Head Note:
Violation of Section 3 of FEMA, 1999 - Held that:- In the present case, the remitter and investor are different and are not in accordance with the Regulations made by the Reserve Bank of India under the Act. The remittance 1 and remittance 2 were made by the person other than the investor and are in direct contravention of Regulation 5 of FEMA (Permissible Capital Account Transactions) Regulations, 2000.

From the perusal of record, it is clear that in the instant matters, there is contravention of the provisions of Section 3 (b) .Section 6(2), 6(3)b & Section 42 (1) of FEMA, 1999 read with Regulation 5 (1) of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India), Regulations, 2000, Paragraph 8 of schedule 1 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, Regulation 5 of the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000, and Para 9 (1) (A) of schedule to the Foreign Exchange Management (Transfer one! Issue of Security by a Person Resident outside India) Regulations, 2000. We agree with the observations of the Adjudicating Authority expressed in para nos. 73 to m of the Adjudication Order. SCNs 1 to 4 were rightly issued.

The penalty amount, if any deposited by the appellants as pre-deposit will be adjusted and the balance amount will be paid by them individually within a period of sixty days from the date of communication of the order, failing which the Enforcement Directorate may recover in accordance with law. With these directions, the instant appeals are disposed of with some modification in the amounts of penalties imposed against all the appellants taking into consideration all the facts and circumstances of the case.

 


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