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of Contraventions of Sections 9(1)(b) & 9(1)(d) of the relevant law were established against the appellants, involving receiving and making payments to/from persons resident outside India without RBI exemption. The adjudicating authority considered retracted statements corroborated by independent evidence and provided adequate opportunity during adjudication proceedings. Cross-examination was not prejudicial after serving show cause notice and relied upon documents. The appellate tribunal upheld the contraventions but reduced the penalties to the amounts of pre-deposit made by the appellants, considering their economic status, at Rs. 13,50,000/- and Rs. 1,35,000/- respectively.
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