SCN issued to a respondent under FEMA after 10 years of committing an offence under FERA was rightly quashed: HC

FEMA, BANKING amp; INSURANCE : Where on 1-6-2000, FEMA was enacted repealing FERA and on 5-2-2010 i.e. after almost 10 years, a show cause notice was issued by Deputy Director under FEMA to respondent in respect of an offence made under repealed Act, namely, FERA, said notice was in violation of bar contained in section 49(3) of FEMA, and, therefore, had rightly been quashed by Single JudgeFEMA, BANKING amp; INSURANCE : Where on 1-6-2000, FEMA was enacted repealing FERA and on 5-2-2010 i.e. after almost 10 years, a show cause notice was issued by Deputy Director under FEMA to respondent in respect of an offence made under repealed Act, namely, FERA, said notice was in violation of bar contained in section 49(3) of FEMA, and, therefore, had rightly been quashed by Single Judgewww.taxmann.com Latest Case LawsRead More

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