FEMA Tribunal Lifts Property Seizure After Repatriation; Section 37A Not for Perpetual Attachment

Devendra N. Desai Vs Assistant Director (Appellate Tribunal Under SAFEMA Delhi) FEMA Tribunal Lifts Seizure of Indian Property After Repatriation of Foreign Asset Value – Section 37A Not Meant for Perpetual Seizure The Appellate Tribunal under SAFEMA allowed the appeal of Devendra N. Desai and set aside the seizure of his Mumbai flat that had been attached under Section 37A of FEMA on account of an apartment held in Dubai. The Tribunal held that once the foreign asset was no longer held abroad and the equivalent value had been brought back to India, the very purpose of Section 37A stood ...