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Appellate Tribunal reduced penalty imposed on company u/s 50 of FERA, 1973 from Rs.2 crores to Rs.2.5 lakhs for contravention regarding two foreign exchange remittances totaling NLG 76,913.27 instead of alleged NLG 43,503,43.27 due to inadvertent error in impugned order. Personal penalties of Rs.40 lakhs each on three in-charges were set aside considering the matter being 25 years old and difficulty in tracing records. Impugned order was modified accordingly in the interest of justice.
Appellate Tribunal reduced penalty imposed on company u/s 50 of FERA, 1973 from Rs.2 crores to Rs.2.5 lakhs for contravention regarding two foreign exchange remittances totaling NLG 76,913.27 instead of alleged NLG 43,503,43.27 due to inadvertent error in impugned order. Personal penalties of Rs.40 lakhs each on three in-charges were set aside considering the matter being 25 years old and difficulty in tracing records. Impugned order was modified accordingly in the interest of justice.
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