Section 49 in The Foreign Exchange Regulation Act, 1973
49. Failure to comply with conditions subject to which permissions or licenses have been given or granted under the Act to be contravention of the provisions of the Act .-Where under any provision of this Act any permission or license has been given or granted to any person subject to any conditions and-
(i)such person fails to comply with all or any of such conditions; or(ii)any other person abets such person in not complying with all or any of such conditions, then, for the purposes of this Act,-(a)in a case referred to in clause (i), such person shall be deemed to have contravened such provision; and(b)in a case referred to in clause (ii), such other person shall be deemed to have abetted the contravention of such provision.
