https://www.taxtmi.com/caselaws?id=159238 Unutilized foreign exchange could be surrendered within the period permitted by the governing notification after the holder knew it could not be used, so no contravention of Section 8(3) of the Foreign Exchange Regulation Act was made out where seizure occurred before that period expired. The tribunal found that the appellant returned from abroad with foreign currency, but the search and seizure took place within about 10 days of return, before the 90-day surrender period under the notification had run. The penalty was therefore unsustainable, the penalty order was set aside, and the amount deposited towards penalty was directed to be refunded. en-us Mon, 03 Jan 2011 00:00:00 +0530 Mon, 18 Nov 2013 17:40:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=159238 Unutilized foreign exchange could be surrendered within the period permitted by the governing notification after the holder knew it could not be used, so no contravention of Section 8(3) of the Foreign Exchange Regulation Act was made out where seizure occurred before that period expired. The tribunal found that the appellant returned from abroad with foreign currency, but the search and seizure took place within about 10 days of return, before the 90-day surrender period under the notification had run. The penalty was therefore unsustainable, the penalty order was set aside, and the amount deposited towards penalty was directed to be refunded. Case-Laws FEMA Mon, 03 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=159238