Foreign Exchange Management Act (FEMA)
Amount of Penalty
Any contravention, under FEMA, may invite following kinds of penalties:
- If, the amount against which offence is quantities, then penalty will be "THRICE" the sum involved in contravention.
- Where the amount cannot be quantified the penalty may be imposed upto two lakh rupees.
- If, the contravention is continuing everyday, then Rs. Five Thousand for every day after the first day during which the contravention continues.
Further in addition to the penalty, any currency, security or other money or property involved in the contravention may also be confiscated.