https://www.taxtmi.com/caselaws?id=103175 Receipt of drafts in India on behalf of a person resident outside India may amount to a prima facie breach of the Foreign Exchange Regulation Act, 1973, because the prohibition covers payment received otherwise than through an authorised dealer and the Act's currency definition includes drafts and similar instruments. At the bail stage, the court accepted the prosecution version that the drafts were received and handed over to the non-resident, and rejected the argument that liability arose only on cash realisation or foreign-account credit. Bail was nevertheless granted because the investigation was at an early stage, evidence was largely documentary, the accused was not shown to be a flight risk, and conditions could secure attendance and cooperation. en-us Wed, 05 May 1993 00:00:00 +0530 Tue, 21 Feb 2012 12:19:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103175 Receipt of drafts in India on behalf of a person resident outside India may amount to a prima facie breach of the Foreign Exchange Regulation Act, 1973, because the prohibition covers payment received otherwise than through an authorised dealer and the Act's currency definition includes drafts and similar instruments. At the bail stage, the court accepted the prosecution version that the drafts were received and handed over to the non-resident, and rejected the argument that liability arose only on cash realisation or foreign-account credit. Bail was nevertheless granted because the investigation was at an early stage, evidence was largely documentary, the accused was not shown to be a flight risk, and conditions could secure attendance and cooperation. Case-Laws Companies Law Wed, 05 May 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103175