Thursday, November 10, 2011

If an individual makes payment in foreign currency for purchase of magazine from out of india, what's conseque

In case if he makes payment for foreign magazines in foreign currency, then it comes under the current account transaction list under foreign exchange management act. Accordingly to me, he will be penalised thrice the amount. Is there any different answer for this. Is there any prosecution involved as he has made payment in foreign currency. what is the way out if he has already made payment by ignorance.

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