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AT allowed the appeal and set aside the impugned order imposing a monetary penalty. The Tribunal held that the term "persons" in Section 10(5) of the Act of 1999 and Para 8, Part B of the RBI Master Direction is not confined to natural persons but encompasses companies and firms; consequently, acceptance of funds from a company or firm by the Appellant-supported by declarations from individual students for foreign exchange remittance-did not contravene Section 10(5) or Para 8. The penalty was therefore unwarranted. The Tribunal clarified that this determination is strictly confined to the statutory interpretation of Section 10(5) and Para 8, Part B and has limited precedential effect.
AT allowed the appeal and set aside the impugned order imposing a monetary penalty. The Tribunal held that the term "persons" in Section 10(5) of the Act of 1999 and Para 8, Part B of the RBI Master Direction is not confined to natural persons but encompasses companies and firms; consequently, acceptance of funds from a company or firm by the Appellant-supported by declarations from individual students for foreign exchange remittance-did not contravene Section 10(5) or Para 8. The penalty was therefore unwarranted. The Tribunal clarified that this determination is strictly confined to the statutory interpretation of Section 10(5) and Para 8, Part B and has limited precedential effect.
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