Deemed contravention of foreign exchange rules: purchaser's misuse or non surrender of acquired exchange triggers continuing offence. Deemed contravention under Section 10(6) treats as contraventions: failure to use acquired foreign exchange for the declared purpose to the authorised person; failure to surrender acquired foreign exchange to the authorised person within the specified period; and use of acquired foreign exchange for purposes not permissible under the Act, its rules, regulations, directions or orders. Each circumstance is a standalone basis for the deeming consequence.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deemed contravention of foreign exchange rules: purchaser's misuse or non surrender of acquired exchange triggers continuing offence.
Deemed contravention under Section 10(6) treats as contraventions: failure to use acquired foreign exchange for the declared purpose to the authorised person; failure to surrender acquired foreign exchange to the authorised person within the specified period; and use of acquired foreign exchange for purposes not permissible under the Act, its rules, regulations, directions or orders. Each circumstance is a standalone basis for the deeming consequence.
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