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The AT dismissed the appeal against the penalty imposed under Sections 10(4) and 10(5) of FEMA, 1999, on the appellant, a Deputy General Manager of Andhra Bank, for contravening foreign exchange regulations by failing to obtain requisite permissions for hiring foreign satellite transponders. The appellant's denial of posting at the relevant branch during the period of contravention was found evasive and unsubstantiated, as he failed to produce posting orders for July to December 2012. The Tribunal held that the appellant bore responsibility for the contravention and upheld the penalty of Rs. 10,000/-, already deposited and adjusted accordingly. The appellant was granted liberty to file a review petition with documentary proof of his posting during the relevant period within the prescribed limitation.
The AT dismissed the appeal against the penalty imposed under Sections 10(4) and 10(5) of FEMA, 1999, on the appellant, a Deputy General Manager of Andhra Bank, for contravening foreign exchange regulations by failing to obtain requisite permissions for hiring foreign satellite transponders. The appellant's denial of posting at the relevant branch during the period of contravention was found evasive and unsubstantiated, as he failed to produce posting orders for July to December 2012. The Tribunal held that the appellant bore responsibility for the contravention and upheld the penalty of Rs. 10,000/-, already deposited and adjusted accordingly. The appellant was granted liberty to file a review petition with documentary proof of his posting during the relevant period within the prescribed limitation.
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