FEMA Strict on Export Realisation: Tribunal Upholds Director Liability, Relieves Non-Executive Director

Vallabhbhai Surani Vs Directorate of Enforcement (Appellate Tribunal Under SAFEMA at Delhi) FEMA Strict on Export Realisation: Tribunal Upholds Director Liability, Relieves Non-Executive Director The Appellate Tribunal under SAFEMA partly allowed the appeals arising from penalties imposed under Section 7 of FEMA, 1999 read with Export Regulations, against directors of M/s J.B. Diamonds Ltd. for non-realisation of export proceeds and non-fulfilment of export obligations against advance receipts. The Tribunal noted that a substantial amount of export proceeds (over USD 117 million across 417 inv...