75th Founding Day Lecture Meeting on “India@2030” Know More

August 2010

FEMA violations — India Inc breathes easy as RBI ready to forgive

By Raman Jokhakar
Tarunkumar G. Singhal
Chartered Accountants
Reading Time 1 mins

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Even a few months ago, businessmen and corporate honchos
shuddered to visit Mint Street whenever they found themselves on the wrong side
of foreign currency regulations. Frosty conversations with hard-nosed officials
of RBI inevitably ended with grim penalties — at times stiff enough to cripple
business for some time. Not any longer.

The same officials are more willing to listen and quick to
forgive the violations as ‘technical’ errors. What’s more interesting is the
drop in the amount of fines. Earlier, these could be anything from Rs.20 lakh to
as high as Rs.3 crore, today the figures have plummeted to Rs.25,000-40,000.

(Source : The Economic Times, dated 6-7-2010)

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