Overseas Commission Under-Invoicing Case – Penalty reduced, LTC Relief Granted

Fomento Resources Pvt. Ltd. Vs Special Director Directorate of Enforcement (Appellate Tribunal Under SAFEMA Delhi) FEMA Penalty in Iron Ore Export Case Partly Upheld-Alleged Under-Invoicing via Overseas Commission – Tribunal Reduces Penalty & Drops Charges for LTC Consignments The SAFEMA Appellate Tribunal partly allowed appeals filed by M/s Fomento Resources Pvt. Ltd. & its Directors against FEMA penalties imposed for alleged under-invoicing of iron ore exports through discounts linked to overseas “protective agent” commissions. The Enforcement Directorate alleged violation ...