https://www.taxtmi.com/caselaws?id=100238 Payment in India to discharge a foreign-debt transaction, made without Reserve Bank permission, was treated as a prohibited payment on behalf of a person resident outside India under section 5(1)(c) of the Foreign Exchange Regulation Act, 1947. The court also considered penalty proportionality, noting that only one charge was proved and the other allegations were extraneous, so the original penalty was excessive for the single contravention. The penalty was therefore reduced to reflect the proved violation and the relative gravity of the conduct. en-us Wed, 15 Sep 1982 00:00:00 +0530 Tue, 31 Jan 2012 16:46:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100238 Payment in India to discharge a foreign-debt transaction, made without Reserve Bank permission, was treated as a prohibited payment on behalf of a person resident outside India under section 5(1)(c) of the Foreign Exchange Regulation Act, 1947. The court also considered penalty proportionality, noting that only one charge was proved and the other allegations were extraneous, so the original penalty was excessive for the single contravention. The penalty was therefore reduced to reflect the proved violation and the relative gravity of the conduct. Case-Laws Companies Law Wed, 15 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100238