Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
HC examined whether confiscation of funds in NRE/SB accounts used in contravention of FERA, 1973, is mandatory or discretionary under Section 63. HC held that, as Section 63 uses the term "may" and requires the authority to have "reason to believe" that the amounts are related to the proved breach, confiscation is discretionary and cannot be automatic or imposed as a matter of course. In the present case, the confiscation order was passed without independent application of mind. AT had rightly considered the nature of violations and set aside the routine confiscation. HC found no perversity in AT's approach and concluded that no substantial question of law arose. The appeal was dismissed.
HC examined whether confiscation of funds in NRE/SB accounts used in contravention of FERA, 1973, is mandatory or discretionary under Section 63. HC held that, as Section 63 uses the term "may" and requires the authority to have "reason to believe" that the amounts are related to the proved breach, confiscation is discretionary and cannot be automatic or imposed as a matter of course. In the present case, the confiscation order was passed without independent application of mind. AT had rightly considered the nature of violations and set aside the routine confiscation. HC found no perversity in AT's approach and concluded that no substantial question of law arose. The appeal was dismissed.
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