https://www.taxtmi.com/caselaws?id=101612 Section 10(1)(b) of the Foreign Exchange Regulation Act, 1947 applied where a legal heir became entitled to receive foreign exchange due to a deceased brother. The High Court noted that, without Reserve Bank permission, the heir was bound to take steps to secure receipt of the foreign exchange and could not avoid the statutory obligation by describing the claim as merely representative. Contravention was therefore upheld. The objection to the penalty was rejected in principle, but the circumstances justified mitigation, and the penalty was reduced to Rs. 5,000. en-us Fri, 11 Sep 1987 00:00:00 +0530 Fri, 10 Feb 2012 13:39:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101612 Section 10(1)(b) of the Foreign Exchange Regulation Act, 1947 applied where a legal heir became entitled to receive foreign exchange due to a deceased brother. The High Court noted that, without Reserve Bank permission, the heir was bound to take steps to secure receipt of the foreign exchange and could not avoid the statutory obligation by describing the claim as merely representative. Contravention was therefore upheld. The objection to the penalty was rejected in principle, but the circumstances justified mitigation, and the penalty was reduced to Rs. 5,000. Case-Laws Companies Law Fri, 11 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101612