FEMA Penalty Reduced but Violation Confirmed for Netting-Off Unauthorised Foreign Commission

Lakshmi Chand Jain Vs Joint Director (Appellate Tribunal under SAFEMA Delhi) Tribunal Cuts FEMA Penalty but Confirms Violation: Unauthorised ‘Netting-Off’ of ₹1.72 Cr Foreign Commission Not Permitted The Appellate Tribunal under SAFEMA/FEMA partly allowed the appeal of Shri M. Lakshmi Chand Jain, reducing the FEMA penalty from ₹30,00,000 to ₹10,00,000, while affirming that he violated Section 8 of FEMA read with Regulation 3 of the Realisation & Repatriation Regulations, 2000. The case involved foreign commission of ₹1,72,49,537, which the Appellant claimed to have “receivedâ...