SAFEMA Tribunal Refuses to Enhance FEMA Penalty, Says Quantum Is Discretionary

Union of India Vs AGS Infotech Ltd. (Appellate Tribunal Under SAFEMA Delhi) SAFEMA Tribunal Refuses To Enhance FEMA Penalty – Quantum Of Penalty Is Discretionary & Not Mandatory Up To Maximum Limit The Appellate Tribunal under SAFEMA dismissed the appeal filed by the Enforcement Directorate (ED) seeking enhancement of penalty imposed on M/s AGS Infotech Ltd. and its directors for contravention of provisions of the Foreign Exchange Management Act (FEMA). The case arose after investigation revealed that AGS Infotech Ltd. remitted about USD 4.141 million (≈ ₹18.76 crore) to a UAE compan...