Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
FeaturedThe Karnataka High Court upheld that foreign nationals satisfying the definition of 'persons resident in India' under FEMA are not liable for penalties regarding FEMA violations.
The Directorate General of Foreign Trade has mandated that importers and exporters must annually update their Importer-Exporter Code (IEC) to prevent deactivation. This regulation is part of a broader strategy to ensure streamlined governance within India's import-export ecosystem.
Guidelines have been issued regarding the audit requirements for foreign subsidiaries while filing the Annual Performance Report under FEMA. These details are crucial for compliance.
The Centre has permitted several entities, including Toyota and LIC Housing, to utilize Aadhaar authentication for KYC processes under the PMLA, facilitating smoother compliance.