Fema
FEMA tries to govern the following transactions:
a | | Foreign Exchange / Securities/ Properties / Funds outside India | By the Person Resident in India
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b | Foreign Exchange / Securities / Properties / Funds within India | By the Person Resident Outside India |
It is a compliance provision and Non Compliance can invite a substantial penalty .If penalty is not paid in time, it can also lead to prosecution. However, under certain scenario a person can go for compounding of penalty.