Administration of the Act
The rules regulations and norms pertaining to many sections are laid down by RBI in consultation with central Government.
The Act requires central Government to appoint,
• Adjudicating Authorities for holding enquires related to the contravention of the Act
• one or more Special Directors (appeals) to hear appeals against the order of the Adjudicating authorities
- Central Government shall have to establish
An Appellate Tribunal for foreign Exchange to hear appeals against the order of the Adjudicating Authorities and the Special Directors
A Director of Enforcement with a Director and such officers or class of officers as it thinks fit for taking up for investigation the contravention under this Act.
Penalties for contravention under FEMA
The Penalty could be up to thrice the sum involved where amount is quantifiable.
If the Amount is not quantifiable, penalty upto Rs 2lacs can be imposed.
If contravention is of continuing nature, further penalty up to Rs 5000 per day during which the contravention continues can be imposed.
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