AdvertisementIGNIS Technology Solutions Pvt. Ltd. Vs Special Director (Appellate Tribunal Under SAFEMA Delhi) SAFEMA Tribunal Upholds FEMA Contravention for Unsubstantiated Software Import, Slashes Penalties on Company and Director The Appellate Tribunal under SAFEMA partly allowed the appeals of M/s IGNIS Technology Solutions Pvt. Ltd. and its CEO Nihar Ranjan Samantara against penalties imposed under FEMA for failure to establish import of software against foreign remittances of USD 7.525 million (₹33.42 crore) to a UAE entity. The Tribunal held that the appellants failed to produce credible evidence p...