• FEMA Notice - Seeking advise to respond to ED

Dear Sir,

I have received showcase notice from ED as regard to FEMA under sections - 16 (3), sections 4 of FEMA, 1999 r/w regulation 3 of Foreign Exchange Management regulations 2000, held and maintained foreign currency account without RBI permission.
Sections 4 and section 6 (3) of FEMA Act. 1999 r/w regulation 3 & 5 of the FMT, regulations, 2004 for acquiring 2 foreign companies situated in London and Dubai without RBI permissions.

Section 7 (3) of FEMA, 1999 read with regulations 3(1), 5 and 6 of FEM (export of Goods and services) regulations, 2000, export of software without making declaration to RBI in the prescribed manner, form and procedure.

Being uncharge of the company for the conduct of the business during the period, have also contravened the above provisions of FEMA, requesting for initiation of adjudication proceedings against the notices in terms of section 13 (1) of FEMA 1999.
Asked 2 years ago in Civil Law

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9 Answers

are the allegations made in show cause notice true?

 

2) prepare para wise comments on the show cause notice 

 

3) engage a lawyer for filing detailed reply to show cause notice 

Ajay Sethi
Advocate, Mumbai
84937 Answers
5617 Consultations

5.0 on 5.0

Hello,

a reply to the notice will have to be tendered. Share the copy of the notice and your defence points with an advocate so that appropriate further actions can be taken.

 

regards

Anilesh Tewari
Advocate, New Delhi
17870 Answers
344 Consultations

5.0 on 5.0

Hello There,

your issue is a bit critical and the same is not supposed to be discussed and advised on electronic medium..

i would suggest you to visit to one  good criminal lawyer, having expertise in this field and meet and discuss him one on one to get the best of the advice.

 

regards.

  

Shailendra Singh
Advocate, Delhi
14 Answers

Not rated

Highest you will be suffer thrice the sum if foudn guilty.

Are you admitted to the facts, holding foreign exchange above limit , export of service etc without RBI permission.? Company itself a legal person and above acts are not criminal offenses for which incarceration is the punishment. In charge of the company cannot be held liable but person under whose supervision above acts committed/business done.

Rest can be advise on examine factual matrix.

Yogendra Singh Rajawat
Advocate, Jaipur
21452 Answers
31 Consultations

4.4 on 5.0

Provide show cause notice and complete details to an advocate he will reply. 

Mohammed Mujeeb
Advocate, Hyderabad
19012 Answers
31 Consultations

4.5 on 5.0

You appoint a good lawyer and file a detail reply to the notice.  Reply can only be made if the said notice is referred to. 

Prashant Nayak
Advocate, Mumbai
24936 Answers
58 Consultations

4.4 on 5.0

You need to find out a good advocate who is practicing in this area to represent your case in  enforcement directorate as you have made the violation of set procedures in acquiring the companies then you have to face the liability from the enforcement directorate there must be some reasons and way out to be explored  to answer this show Cause Notice it will not be good to advise you anything on this forum which may go against you your advocate must be properly explained each and every step you have taken so that he can give you the appropriate advice and answer the notice

Vimlesh Prasad Mishra
Advocate, Lucknow
6829 Answers
23 Consultations

4.9 on 5.0

The ED has slapped various provisions of  law under the FEMA law and  issued  a  show  cause  notice failing which they  may proceed against you  according  to  the provisions  of  various  sections  mentioned  in the  notice.

 

You  may  have  to  issue a reply notice denying  all the allegations and  should   not admit  any  charges at this stage itself.

 

Let them  frame charges and file  the  cae before  court, you  may obtain  anticipatory bail and  then  challenge the case on the  basis of documentary evidence  and  merits  in  our side  and support.

 

 

T Kalaiselvan
Advocate, Vellore
75050 Answers
1263 Consultations

5.0 on 5.0

  1. As per the information mentioned in in the present query, makes it clear that you might have been issued notice for the explanation about the consent of the business during the period of your supervision.
  2. I would advice you to please mark a detailed para wise reply to the authority as soon as possible, as there may be very less time to give the reply.
  3. Then wait for any further action by the authority and then proceed accordingly.

Sanjay Baniwal
Advocate, South Delhi
5464 Answers
13 Consultations

5.0 on 5.0

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