FEMA :: Imprisonment and Fine ::

Last updated: 05 September 2007

Court :
Supreme Court

Brief :
Held by Supreme Court that under section 56(1) (i) of the Foreign Exchange Regulation Act,although imprisonment is compulsory for not less than six months,yet the company can be prosecuted. It is clear and explicit that statute do not provide any immunity to the body corporates in this respect.

Citation :
Standard Chartered Bank and Others Vs. Directorate of Enforcement and Others

Imprisonment and Fine Standard Chartered Bank and Others Vs. Directorate of Enforcement and Others 05/05/2005 (2005)275 ITR 81(SC) Case Fact: Whether a company can be prosecuted for an offence under Foreign Exchange Act ,if imprisonment is compulsory. Decision: Held by Supreme Court that under section 56(1) (i) of the Foreign Exchange Regulation Act,although imprisonment is compulsory for not less than six months,yet the company can be prosecuted. It is clear and explicit that statute do not provide any immunity to the body corporates in this respect.

CA.Saibaburao Nanduri

Published in Miscellaneous
Views : 70

Share Report Abuse

Comments

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

FEMA :: Imprisonment and Fine ::

CA.Saibaburao Nanduri

Trending Online Classes

Meet our CAclubindia PRO Members

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA

FEMA :: Imprisonment and Fine ::

Other Latest Judgments

Browse by Category