Central Govt. Notifies Adjudicating authorities and Monetary Limit under FEMA Act
Central – Govt – Notifies – Adjudicating – authorities – Monetary – Limit – FEMA – Act – TAXSCAN
Central – Govt – Notifies – Adjudicating – authorities – Monetary – Limit – FEMA – Act – TAXSCAN
The following officers of the Directorate of Enforcement w appointed by the Central Government through the notification, as the Adjudicating Authorities for holding an inquiry in the manner specified after providing a reasonable opportunity to be heard for the purpose of imposing any penalty under section 13 of the Foreign Exchange Management Act, 1999 (FEMA) with the monetary limits.
| S. No. | Designation of Officers | Monetary Limit |
| 1 | Special Director of Enforcement | Above 25 Crores |
| 2 | Additional Director of Enforcement | Upto rupees twenty five crores but not less than five crores. |
| 3 | Joint Director of Enforcement | upto rupees twenty five crores but not less than five crores. |
| 4 | Deputy Director of Enforcement | upto rupees five crores and not less than two crores |
| 5 | Assistant Director of Enforcement | Below 2 crores |
The Foreign Exchange Management Act regulates all foreign exchange transactions in India and aims to promote the orderly development and maintenance of foreign exchange markets in India. The act replaced the earlier Foreign Exchange Regulation Act (FERA), which was introduced in 1973.
The Reserve Bank of India (RBI) has the power to control foreign exchange transactions and apply sanctions for infractions under the FEMA. The act also calls for the creation of special courts to handle cases involving fraud involving foreign exchange.
In case of Mr. Pankaj Mittal vs Commissioner of Customs, CITATION:2022 TAXSCAN (CESTAT) 448 the Customs, Excise and Service Tax Appellate Tribunal, Kolkata bench has held that currency is not goods liable to be seized under customs act and directs to redeem currency confiscated for violation of Foreign Exchange Management Act (FEMA) notification on payment of fine and penalty.
Recently, the Directorate of Enforcement (ED) has conducted searches and seizure action at 3 premises (2 Business and 1 residential) in Bengaluru in the case of Byju Raveendran and his company ‘Think & Learn Private Limited’ under the provisions of Foreign Exchange Management Act (FEMA).
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