KNOWLAW on Violation under FEMA & Compounding of Offences

KNOW LAW       

Labz Notification 1 of 2011

Yours’ corporate legal position as on date brought to you by lawlabz.com           (get your lawlabz login now)

	Requirement under Indian laws: FEMA requires the defaulting corporate to voluntarily agree & pay the prescribed sum to Government and Government in turn agrees NOT to continue prosecution for the committed default or withdraws the prosecution where a show cause notice was sent.
	Myth buster: Don’t wait until your company receives a SHOW CAUSE NOTICE from RBI.  Remember, the magnitude of the penalty will be comparatively LESS on voluntary self-disclosure of violations rather than RBI proceeding with an action against your company.
Caution point!!! Even a delay in filing of a form or omission of any other minor reporting requirement is an offence.  So remember, you may have to compound for delayed filing too!!!
What is the penal action for non-filing of FCGPR? Whether RBI takes FEMA violation seriously? What if RBI requirement is not complied with? How to set right FEMA violation made earlier? Have you made payments to your employees borrowing from your foreign holding company? Did you borrow for working capital of your Indian subsidiary company? Consult @ Lawlabz for your Solutions now… (Click here)

VIOLATION UNDER FEMA & COMPOUNDING OF OFFENCES

Whenever you do a transaction involving foreign exchange, it may so happen that certain reporting requirement is missed out or transaction should have been done only with certain approvals which were not known at the time of carrying out such transaction. 

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