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FEMA Violation in Gold Trade Proven, But Tribunal Slashes Rs. 49 Cr Penalty
Case Law Details
- Case Name
- Zaveri Exports Pvt. Ltd Vs Directorate of Enforcement (Appellate Tribunal Under Safema At New Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Appellate Authority, SAFEMA
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Zaveri Exports Pvt. Ltd Vs Directorate of Enforcement (Appellate Tribunal Under Safema At New Delhi)
FEMA Violation in Gold Trade Proven, But Tribunal Slashes ₹49 Cr Penalty
The Appellate Tribunal under SAFEMA upheld the finding that M/s Zaveri Exports Pvt. Ltd. and its director Sunil Kumar Tayal violated Sections 3(a) and 3(b) of FEMA by making illegal cash payments linked to gold purchases from Dubai through unauthorized channels. The case was based on seized diary entries (“Dubai transfer”), WhatsApp chats, and—crucially—the director’s own admissions confirming ...
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