Delhi HC grants Writ Petition for Defreezing Bank Account, No Violation of FEMA or Customs Act Found in Export Proceeds Transaction [Read Order]

According to RBI Circular, there is requirement of Tripartite Agreement between the petitioner, the consignee firm and the said third party
Delhi High Court - Writ petition - FEMA violation - Customs Act - Defreezing bank accounts - taxscan

The Delhi High Court granted Writ Petition for Defreezing Bank Account as there was no Violation of FEMA (Foreign Exchange Management Act), 1999 or Customs Act, 1962 during the Export of Proceeds Transaction. Here the Petitioner, Innovative Crafts is a sole proprietorship firm, engaged in the export of handicrafts. During the period 08.12.2014 to 13.12.2014,…

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