Question
Under Section 13(1) of FEMA, 1999, what is the penalty
for a contravention where the sum involved in the contravention is NOT quantifiable?Solution
Explanation:
Section 13(1) of FEMA, 1999 establishes a two-track penalty structure : ​ ·        Where the sum involved in the contravention is quantifiable  → penalty up to three times  the sum involved ·        Where the sum involved is NOT quantifiable  → penalty up to ₹2 lakh  (two lakh rupees) ·        In case of a continuing contravention  → an additional penalty up to ₹5,000 per day  after the first day
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