Revision of monetary limit for adjudication under FEMA,1999
Ministry of Finance has revised the monetary limits for adjudication under FEMA,1999.
As per the new limits, the Ministry has designated officers of the Directorate of Enforcement as the Adjudicating Authorities for holding an inquiry after giving a reasonable opportunity of being heard for the purpose of imposing any penalty under section 13 of the said Act.
The Table showing the Revision of monetary limit for adjudication under FEMA,1999 is as under:
| Sl. No. | Designation of Officers | Monetary limit |
| (1) | (2) | (3) |
| 1 | Special Director of Enforcement | Cases involving amount exceeding rupees twenty five crores |
| 2 | Additional Director of Enforcement | Cases involving amount upto rupees twenty five crores but not less than five crores |
| 3 | Joint Director of Enforcement | Cases involving amount upto rupees twenty five crores but not less than five crores |
| 4 | Deputy Director of Enforcement | Cases involving amount upto rupees five crores and not less than two crores |
| 5 | Assistant Director of Enforcement | Cases involved of amount not exceeding rupees two crores |
Download Notification No. S.O. 2128(E) Click Here >>
- First-time experience in filing appeal a reasonable & bona fide cause for delay
- Non-disclosure of destination place in documents no ground for seizure u/s 129 of GST Act.
- Charging of exorbitant interest in commercial transactions not against morality or justice
- Assessees not required to prove “source of the source‟ of funds Prior to Finance Act 2022
- During pendency before settlement commission, assessee have right to contest assessment
