Singapore Property Purchase: Penalty Upheld in FEMA Contravention Case

Union of India Vs Rajeev Jhawar (Appellate Tribunal Under SAFEMA at New Delhi) FEMA Violation in Singapore Property Purchase- Penalty Found Reasonable – No Case for Penalty Enhancement – Tribunal Upholds ₹1 Crore Fine in Jhawar FEMA Case The Union of India filed an appeal challenging the order dated 29.09.2020 passed by the Special Director, Enforcement Directorate, Kolkata, whereby penalty of ₹1 crore each had been imposed on Shri Rajeev Jhawar & Shri Brij Kishore Jhawar for contravention of provisions of the Foreign Exchange Management Act, 1999. The alleged violations related to...