Question

What is the penalty for acquiring foreign exchange, foreign security, or immovable property outside India exceeding the prescribed threshold under FEMA?

Q: Answer-What is the penalty for acquiring foreign exchange, foreign security, or immovable property outside...

Section 13. Penalties 1A If any person is found to have acquired any foreign exchange, foreign security or immovable property, situated outside India, of the aggregate value exceeding the threshold prescribed under the proviso to sub-section 1 of section 37A, he shall be liable to a penalty up to three times the sum involved in such contravention and confiscation of the value equivalent, situated in India, the Foreign exchange, foreign security or immovable property.