https://www.taxtmi.com/caselaws?id=113239 An authorised dealer or money-changer must comply with the statutory duties under the Foreign Exchange Regulation Act independently of internal instructions in the money-changer memorandum, because those instructions cannot override the Act or dilute obligations to verify authority and obtain reasonable declarations. Free inter-money-changer transactions remain subject to statutory restrictions, including the prohibition on unauthorised exchange rates. The text also states that adjudicatory penalty for foreign exchange contravention is attracted on proof of breach of the regulatory obligation, and mens rea is not required in the criminal law sense. On that basis, the contravention and penalty were maintained. en-us Thu, 14 Oct 2010 00:00:00 +0530 Mon, 22 Sep 2014 19:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113239 An authorised dealer or money-changer must comply with the statutory duties under the Foreign Exchange Regulation Act independently of internal instructions in the money-changer memorandum, because those instructions cannot override the Act or dilute obligations to verify authority and obtain reasonable declarations. Free inter-money-changer transactions remain subject to statutory restrictions, including the prohibition on unauthorised exchange rates. The text also states that adjudicatory penalty for foreign exchange contravention is attracted on proof of breach of the regulatory obligation, and mens rea is not required in the criminal law sense. On that basis, the contravention and penalty were maintained. Case-Laws FEMA Thu, 14 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113239