FEMA and International Taxation
- Foreign Contribution (Regulation) Act, 2010
- Accounts & Audit
- All FCRA services online
- Applicability
- Change of designated bank account, name, address, aim, objects or key members of the association
- Declaration of receipts of foreign contribution
- Foreign Contribution
- Inspection & Seizure
- Introduction
- Penalty
- Registration of the Association
- Restriction on Administrative Expenses
- Restrictions on acceptance of foreign hospitality
- Restrictions on Accepting FC
- Speculative Activity
- Total Ban on acceptance of Foreign Contribution & Hospitality
- Transfer of FC to other Registered or Unregistered Persons
- Foreign Exchange Management Act, 1999
- Acquisition and transfer of Immovable property in India
- Acquisition and Transfer of Immovable Property outside India
- Bank Accounts in India
- Borrowings from Non-residents
- Branch/Liaison/Project Office in INDIA
- Branch/Liaison/Project Office outside India
- Capital & Current Account Transactions
- Compounding & Contravention under FEMA
- Cross Border Merger Regulations
- Introduction
- Investment in India
- Miscellaneous
- Overseas Direct Investments
- Residential Status under FEMA
- Trade Transactions – Import & Export
- International Taxation
Penalty
|
Nature of Offence |
Penalty |
Additional Fine |
|---|---|---|
|
False statement or representation or concealment of material facts for obtaining registration or prior permission |
Imprisonment up to 6 months and/or fine |
--- |
|
Violating prohibitory orders in respect of any articles or currency or security |
Imprisonment up to 3 years and/or fine |
Additional fine equivalent to market value of article or the amount of currency or security in respect of which prohibitory order is passed |
|
Accepting or assisting in accepting FC in contravention of this Act |
Imprisonment up to 5 years and/or fine |
--- |
|
Any other failure not specifically dealt with in the Act |
Imprisonment up to 1 year and/or fine |
--- |
- A person who has been convicted more than once for offence relating to acceptance or utilisation of FC is prohibited from accepting any FC for a period of 5 years.
- Any person convicted of an FC offence relating to any article, currency or security would also be liable to fine up to 5 times the value of the article or currency or ₹1,000 whichever is more, if article or currency is not available for confiscation.
- Compounding of certain offences is now possible.