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FEMA :: Imprisonment and Fine ::

Last updated: 05 September 2007

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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.