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(28 Apr 2025, 11:59)

Reserve Bank of India caps FEMA Violation Penalty at Rs 2 Lakh

Reserve Bank of India (RBI) implemented changes to the Foreign Exchange Management Act (FEMA) regulations. The RBI has now capped penalties for FEMA violations at Rs 2 lakh. This new cap replaces the previous system where penalties were calculated as a percentage of the violation amount. The move aims to ease compliance burdens for individuals and corporations. Previously, penalties for FEMA violations ranged from 0.30% to 0.75% of the violation amount. The new cap applies to various contraventions. This includes breaches related to the Liberalised Remittance Scheme (LRS), export timelines, and gifting high-value shares without RBI permission.
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