TMI BlogPenalties under FEMA Act [ Section 13 ]X X X X Extracts X X X X X X X X Extracts X X X X ..... Adverting to the penalty proceedings, in the context of section23(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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount is quantifiable :- thrice the sum involved in such 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... :- He shall be liable to a penalty up to three times the sum involved in such contravention and confiscation of the value equivalent, situated in India, the Foreign exchange, foreign security or immovable property. in addition to the penalty imposed under sub-section (1A), punishable with imprisonment for a term which may extend to five years and with fine. [ Section 13(1C) ] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thinks fit in addition to any penalty which he may impose for such contravention direct that any currency, security or any other money or property in respect of which the contravention has 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 brou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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