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FEMA Violation by NRI – Why Using a Resident Account Can Cost You Heavily
Case Law Details
- Case Name
- Avtar Singh Sekhon Vs Director (Appellate Tribunal Under SAFEMA/FEMA/FERA Delhi)
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Avtar Singh Sekhon Vs Director (Appellate Tribunal Under SAFEMA/FEMA/FERA Delhi)
Case Reference: Avtar Singh Sekhon v. Directorate of Enforcement, FPA-FE-40/DLI/2019, Appellate Tribunal under SAFEMA/FEMA/FERA, New Delhi.
Introduction
For Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs), transactions in India, particularly involving immovable property and banking channels must comply with the Foreign Exchange Management Act, 1999 (FEMA). While many NRIs focus on their income tax obligations, FEMA rules are equally binding, and a failure to comply can invit...
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