State the provisions regarding the penalties and punishment provided under the Foreign Contribution (Regulation) Act, 2010.
CS Executive · Economic, Business and Commercial Laws · PYQS · December 2019
State the provisions regarding the penalties and punishment provided under the Foreign Contribution (Regulation) Act, 2010.
Answer & Explanation:
Section 34 of the Foreign Contribution (Regulation) Act, 2010 prescribes for penalty on any person, on whom any prohibitory order has been served under Section 10 of the Act, pays, delivers, transfers or otherwise deals with, in any manner whatsoever, any article or currency or security, whether Indian or foreign, in contravention of such prohibitory order, he shall be punished with imprisonment for a term which may extend to three years, or with fine, or with both. The Court trying such contravention may also impose on the person convicted an additional fine equivalent to the market value of the article or the amount of the currency or security in respect of which the prohibitory order has been contravened by him or such part thereof as the court may deem fit. Section 35 of the Foreign Contribution (Regulation) Act, 2010 on the other hand provides for punishment with imprisonment for a term which may extend to five years, or with fine, or with both for accepting, or assisting any person, political party or organisation in accepting, any foreign contribution or any currency or security from a foreign source, in contravention of any provision of this Act or any rule or order made thereunder. Section 39 deals with offences by companies and Section 41 provides for composition of certain offences.
Topics: Foreign Contribution (Regulation) Act, 2010
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