AdvertisementUnion of India Vs Nihar Ranjan Samantara (Appellate Tribunal Under SAFEMA Delhi) SAFEMA Tribunal Refuses to Enhance FEMA Penalty on IGNIS Director; Holds Quantum of Penalty Lies Within Adjudicating Authority’s Discretion The Appellate Tribunal under SAFEMA dismissed the Enforcement Directorate’s appeal seeking enhancement of the ₹70 lakh penalty imposed on Nihar Ranjan Samantara, Director and CEO of IGNIS Technology Solutions Pvt. Ltd., for FEMA contraventions relating to foreign remittances made towards an alleged software import that never materialised. The Directorate contende...