Quick Answer: What Are The Penalties Under Section 13?

What is the job of enforcement officer?

Enforcement officers work for local authorities, civil enforcement agencies and county courts.

They have a key role to play in collecting outstanding debts, however they are not debt collectors.

Sometimes, this will be by removing possessions from the debtor’s address or by repossessing the property..

What is difference between ED and CBI?

NCB is the central agency that helps in combatting Drug Trafficking and abuse in India whereas CBI is the investigating agency investigating cases on corruption and crime & Directorate of Enforcement (ED) is a law enforcement agency responsible for eliminating the illicit use of drugs and narcotics.

What is difference between FERA and FEMA?

FERA was an act promulgated, to regulate payments and foreign exchange in India, on the contrary FEMA is an act to promote orderly management of the foreign exchange in India. …

What are the main provisions of FEMA?

The major provisions of FEMA, 1999 relate to following matters :Dealing in foreign exchange, etc.Holding of foreign exchange, etc.Current account transactions.Capital account transactions.Export of goods and services.Realization and repatriation of foreign exchange.More items…•

What is the penalty for violation of FEMA Act?

-(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 authorization is issued by the Reserve Bank, he shall, upon adjudication, be liable to a …

Is FEMA in force in India?

FEMA was enacted by the Parliament of India in the winter session of 1999 to replace the Foreign Exchange Regulation Act (FERA) of 1973. The RBI proposed FEMA in 1999 to administrate foreign trade and exchange transactions. … The Foreign Exchange Management Act officially came into force on 1st June 2000.

Is FEMA a civil law?

6) This FEMA Act is a civil law and any kind of contraventions of the Act provide for arrest only in the exceptional cases.

What is FEMA violation?

Currently, violations under FEMA are compoundable. … Common violations that make a mockery of FEMA include trade based money laundering by over-invoicing of imports and/or under invoicing of exports, round tripping of funds, hawala (illegal remittances), and smuggling of foreign currency.

What are FEMA guidelines?

Introduction. Foreign Exchange Management Act or in short (FEMA) is an act that provides guidelines for the free flow of foreign exchange in India. It has brought a new management regime of foreign exchange consistent with the emerging frame work of the World Trade Organisation (WTO).

What does step down subsidiary mean?

A step down subsidiary company means the subsidiary company of a company which is a subsidiary of another company.

What are the powers of enforcement directorate?

The Directorate of Enforcement (ED) is a law enforcement agency and economic intelligence agency responsible for enforcing economic laws and fighting economic crime in India. It is part of the Department of Revenue, Ministry of Finance, Government Of India.

What is APR filing?

An Indian Party (IP) / Resident Individual (RI) which has made an Overseas Direct Investment (ODI) has to submit an Annual Performance Report (APR) in Form ODI Part II to the AD bank by 31 December every year in respect of each Joint Venture (JV) / Wholly Owned Subsidiary (WOS) outside India. 2.

What is FEMA limit?

Under the LRS, Indian citizens can transfer money to bank accounts abroad without needing to get special permission. However, money can only be intended for a set number of purposes, and remittances are allowed only up to a maximum annual limit which is currently set at USD 250,000.2.

What is APR in ODI?

An Indian Party (IP) / Resident Individual (RI) which has made an Overseas Direct Investment (ODI) has to submit an Annual Performance Report (APR) in Form ODI Part III to the Reserve Bank by 30th of June every year in respect of each Joint Venture (JV) / Wholly Owned Subsidiary (WOS) outside India set up or acquired …

What is the difference between FDI and ODI?

FDI occurs when a non-resident invests in the shares of a resident company. ODI occurs when a resident company invests in a wholly-owned subsidiary or a joint venture in a non-resident country as part of a strategy to expand their business.

How does Ed investigate?

ED collects, develops, and disseminates intelligence information related to violations of FEMA, 1999. The ED receives intelligence inputs from Central and State Intelligence agencies, complaints, etc. 3. ED has the power to attach the asset of the culprits found guilty of the violation of FEMA.

Who qualifies for FEMA?

Who Is Eligible to Receive Individual Assistance?The applicant must be a U.S. citizen, non-citizen national, or qualified alien.FEMA must be able to verify the applicant’s identity.The applicant’s insurance, or other forms of disaster assistance received, cannot meet their disaster-caused needs.More items…•

What are the features of FEMA?

Main Features Activities such as payments made to any person outside India or receipts from them, along with the deals in foreign exchange and foreign security is restricted. It is FEMA that gives the central government the power to impose the restrictions.