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Appellant could not be held guilty of violating FEMA provisions for receiving interest free deposit

December 3, 2018[2018] 100 26 (FEMA-AT)

FEMA : Where appellant received interest free security deposit on behalf of his non-resident brother for letting out a flat for 36 months, since there was no transfer of money outside India nor money came inside India from outside and, moreover non-resident was not required to take permission from RBI as flat was leased out for less than five years, appellant could not be held guilty of violating provisions of section 9(1)(b) and 9(1)(d) in respect of amount received

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