person resident in India
Case BriefsHigh Courts

The Court held that the respondents-firm were “persons resident in India” and several FEMA Regulations relied upon by the Directorate of Enforcement became inapplicable. Since these Regulations govern transactions involving persons resident outside India, they could not be invoked against respondents who were legally resident in India under FEMA.

Case BriefsSupreme Court

“Merely because no provision in the Act makes the transaction void or says that no title in the property passes to the purchaser in case there is contravention of the provisions of Section 31, will be of no avail. That does not validate the transfer referred to in Section 31, which is not backed by “previous” permission of the RBI.”