https://www.taxtmi.com/caselaws?id=327759 Foreign exchange acquired or transferred without prior RBI permission contravenes Section 8(1) of FERA, and the Supreme Court treated the absence of any special or general permission as decisive. On the facts described, foreign currency seized at Mumbai Airport was held liable to confiscation under the customs and FERA proceedings, with the Court restoring the enforcement order and sustaining penalties. The Court also rejected the claim to release of the refunded amount without consequence and directed repayment with interest at 10% per annum, reflecting the continued effect of the confiscation finding. en-us Fri, 13 May 2016 00:00:00 +0530 Fri, 21 Oct 2016 11:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327759 Foreign exchange acquired or transferred without prior RBI permission contravenes Section 8(1) of FERA, and the Supreme Court treated the absence of any special or general permission as decisive. On the facts described, foreign currency seized at Mumbai Airport was held liable to confiscation under the customs and FERA proceedings, with the Court restoring the enforcement order and sustaining penalties. The Court also rejected the claim to release of the refunded amount without consequence and directed repayment with interest at 10% per annum, reflecting the continued effect of the confiscation finding. Case-Laws FEMA Fri, 13 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327759