Penalties under FEMA
Foreign Exchange management Act, 1999 (FEMA) was passed on 29th December 1999 in Parliament replacing the Foreign Exchange Regulation Act (FERA). The new regime is made consistent with the framework laid down by the World Trade Organisation. FEMA enabled all cross border trades & payments and promotes orderly development of foreign exchange market in India.
Section 13 of FEMA lays down the Penal provisions. As per Section 13(1), if any person contravenes any provision or any rule, regulation, notification, …