https://www.taxtmi.com/caselaws?id=203392 Mere preparation or intention to deal in foreign exchange does not constitute contravention under the Foreign Exchange Regulation Act unless the prohibited transaction is actually completed. The record showed only inquiries about exchange rates and surrounding circumstances, not a sale or exchange, so inferred intention and reliance on the wife's statement were insufficient to prove the offence. On that basis, the finding of contravention could not be sustained and the penalty and confiscation were set aside. en-us Thu, 30 Sep 2010 00:00:00 +0530 Tue, 01 Feb 2011 15:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203392 Mere preparation or intention to deal in foreign exchange does not constitute contravention under the Foreign Exchange Regulation Act unless the prohibited transaction is actually completed. The record showed only inquiries about exchange rates and surrounding circumstances, not a sale or exchange, so inferred intention and reliance on the wife's statement were insufficient to prove the offence. On that basis, the finding of contravention could not be sustained and the penalty and confiscation were set aside. Case-Laws FEMA Thu, 30 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203392