Section 13 of FEMA – Section 13: Penalties | FEMA

The Foreign Exchange Management Act, 1999

CHAPTER IV: CONTRAVENTION AND PENALTIES

Section 13: Penalties

(1) If any person contravenes any provision of this Act, or contravenes any rule, regulation, notification, direction or order issued in exercise of the powers under this Act, or contravenes any condition subject to which an authorisation is issued by the Reserve Bank, he shall, upon adjudication, be liable to a penalty up to thrice the sum involved in such contravention where such amount is quantifiable, or up to two lakh rupees where the amount is not quantifiabl

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Explanation using examples

Imagine a businessman, Mr. Sharma, who travels abroad and purchases foreign securities worth $100,000 without proper authorization from the Reserve Bank of India (RBI), which is a requirement under the For

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Section 13 of FEMA : Section 13: Penalties

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Simplified Explanation of The Foreign Exchange Management Act, 1999 (Section 13)

Explanation using examples

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