Section 13 of FEMA : Section 13: Penalties
FEMA
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Explanation using Example
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 Foreign Exchange Management Act (FEMA), 1999. This act of Mr. Sharma is a contravention of FEMA.
Upon investigation, it is determined that Mr. Sharma has violated the provisions of FEMA. As per Section 13(1) of FEMA, Mr. Sharma is liable to face adjudication and may be penalized up to three times the amount involved, which in this case would be...
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