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Deemed Contravention by Purchaser or Acquirer of Foreign Exchange [Section 10(6)] - FEMA Ready Reckoner - FEMAExtract Deemed Contravention by Purchaser or Acquirer of Foreign Exchange In terms of Section 10(6) of FEMA Act,1999, regards the following acts of the acquirer or purchaser of the foreign exchange , as deemed contravention: (i) Not using the foreign exchange for the purpose for which it was acquired or purchased (mentioned in the declaration made to the authorised person) (ii) Not surrendering the foreign exchange to the authorised person within the specified period. (iii) Using the foreign exchange so acquired or purchased for any other purpose that is not permissible under the act or the rules, regulations directions or order made thereunder In the case of SUBORNO BOSE VERSUS ENFORCEMENT DIRECTORATE ANOTHER 2020 (3) TMI 1102 - SUPREME COURT that the contravention referred to in section 10(6) of the FEMA Act is a continuing actionable offence. Section 10(6) of the FEMA Act is a deeming provisions pointing towards the specified circumstances, which would result in having committed contravention of the provisions of the FEMA Act, 1999 or the purpose of the stated section. the circumstances are: (i) When a person acquired or purchases exchange for any purpose mentioned in the declaration made by him to authorised does not use it for such purpose. (ii) That person does not surrender the acquired or purchased or purchased foreign exchange to authorised person within the specified period and (iii) The person uses the acquired or purchase foreign exchange for any other purposes for which purchase of acquisition of foreign exchange is not permissible under the provisions of FEMA Act,1999 or the rules or regulations or direction or order made thereunder. (iv) Each of these are standalone circumstances.
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