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FEMA - Highlights / Catch Notes

Home Highlights March 2024 Year 2024 This

Violation under FERA - export proceeds were not realized - The ...

FEMA

March 12, 2024

Violation under FERA - export proceeds were not realized - The case involved allegations of violations of the FERA Act, 1973 related to the failure to realize export proceeds. A1, A2, and A3 were implicated in export transactions, with evidence suggesting their involvement in facilitating exports and receiving funds. The court dismissed the revision cases, affirming the lower courts' findings of the petitioners' culpability under FERA provisions.

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  1. FERA 1973 - Release of foreign exchange in violation of the instructions of the RBI resulting in a violation of the relevant provisions of the FERA 1973 - Imposition of...

  2. Recovery of refund of unutilised input tax credit or integrated tax paid on export of goods where export proceeds not realised - Rule 96B of the Central Goods and...

  3. Offence under FERA / FEMA - Economic Offence cases - failure to realize the respective full export proceeds - By just giving the quota to A-1 to A-3, A-4 to A-6 cannot...

  4. Offence under FEMA/FERA - Levy of penalty - Review petition - The case involves allegations of violating foreign exchange regulations regarding securing export value...

  5. Stay of demand / pre-deposit - Levy of penalty - Contravention of Section 18(2) of FERA - failure to realize export proceeds - Appellant contended that the order of the...

  6. Calculation under export obligation - the export proceeds realized in any currency would be converted into USD and the term ‘any currency’ would refer to the foreign...

  7. Refund of Customs duties paid at the time of assessment - goods short shipped - Since the goods under question were not exported, there is no relevance in bringing into...

  8. Period within which export value of goods/software/ services to be realised - Regulation 9 of the Foreign Exchange Management (Export of Goods and Services) Regulations,...

  9. Duty Drawback - petitioner is unable to produce export realization within 6 months from the date of export - In case export proceeds are realized within extended period,...

  10. Sale proceeds realized over and above the cost of asset cannot be categorized as business income under commercial principles rather it represents capital receipt - AT

 

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