Money is an Asset Under FEMA: Penalty Upheld in Fraudulent Export Case

Amisha International Vs Joint Director (Appellate Tribunal Under Safema At New Delhi) Diversion of Duty-Free Imports Leads to FEMA Breach – Tribunal Cuts Penalty to ₹6 Lakh- Money is an Asset under FEMA: Tribunal Upholds Contravention, Grants Partial Relief to Exporter Amisha International, a 100% Export Oriented Unit (EOU), filed appeal against the order dated 28.09.2016 passed by the Joint Director, Directorate of Enforcement, Bangalore, imposing a penalty of ₹6,00,000 each for contravention of Sections 3(b) & 3(d) of the Foreign Exchange Management Act, 1999 (FEMA). Earlier, the ...