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of Applicability of the Foreign Exchange Regulation Act (FERA) provisions to a non-resident bank and its CEO. The bank was charged with contravening sections 64(2), 6(4), 6(5), 49, and 73(3) of FERA for facilitating unauthorized foreign exchange transactions by crediting non-resident convertible rupee accounts. The Appellate Tribunal held that the bank abetted these contraventions by repeatedly facilitating credits to these accounts, despite not being part of the Bilateral Group. The charge of abetment against the bank and its CEO u/s 68(1) of FERA was established. However, the Tribunal reduced the penalties imposed on the bank from Rs. 13,28,82,000 to Rs. 1,00,00,000 and on the CEO from Rs. 6,64,41,000 to Rs. 5,00,000, considering the circumstances.
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