https://www.taxtmi.com/caselaws?id=214570 Foreign exchange received during the operation of a statutory remittances immunity scheme remained protected from proceedings under the Foreign Exchange Regulation Act, 1973 where the receipt itself fell within the scheme's coverage. The court noted that alleged payment in Indian currency to a resident intermediary and onward transfer abroad did not, on the facts found, remove the transaction from the statutory immunity. It also noted procedural infirmities, including denial of material and cross-examination. The proceedings and penalty were therefore not maintainable against the recipients. en-us Thu, 05 Jul 2012 00:00:00 +0530 Wed, 23 Apr 2014 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214570 Foreign exchange received during the operation of a statutory remittances immunity scheme remained protected from proceedings under the Foreign Exchange Regulation Act, 1973 where the receipt itself fell within the scheme's coverage. The court noted that alleged payment in Indian currency to a resident intermediary and onward transfer abroad did not, on the facts found, remove the transaction from the statutory immunity. It also noted procedural infirmities, including denial of material and cross-examination. The proceedings and penalty were therefore not maintainable against the recipients. Case-Laws FEMA Thu, 05 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214570