https://www.taxtmi.com/caselaws?id=243133 The Supreme Court found that the appellants, licensed Full Fledged Money Changers, did not violate FERA provisions or the Memorandum of FLM. Transactions were conducted within their authorization, verified, and compliant with statutory requirements. Penalties imposed were deemed unjustified and set aside. The Court directed the refund of penalty amounts paid by the appellants with interest, allowing the appeals and setting aside the impugned orders. The respondent was instructed to refund the penalties within two months. en-us Thu, 16 Jan 2014 00:00:00 +0530 Sat, 26 Apr 2014 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243133 The Supreme Court found that the appellants, licensed Full Fledged Money Changers, did not violate FERA provisions or the Memorandum of FLM. Transactions were conducted within their authorization, verified, and compliant with statutory requirements. Penalties imposed were deemed unjustified and set aside. The Court directed the refund of penalty amounts paid by the appellants with interest, allowing the appeals and setting aside the impugned orders. The respondent was instructed to refund the penalties within two months. Case-Laws FEMA Thu, 16 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243133