https://www.taxtmi.com/caselaws?id=349304 A contravention of foreign exchange rules was established where admitted receipt of funds was supported by statements and surrounding circumstances showing cash payments in exchange for cheques or demand drafts linked to non-resident accounts. The explanation that the amounts were gifts from friends and relatives was found implausible and was rejected for lack of a satisfactory rebuttal. On that evidence, the violation under Section 9(1)(d) of the Foreign Exchange Regulation Act, 1973 was upheld and the penalty under the adjudication order was sustained. en-us Wed, 04 Oct 2017 00:00:00 +0530 Wed, 11 Oct 2017 18:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349304 A contravention of foreign exchange rules was established where admitted receipt of funds was supported by statements and surrounding circumstances showing cash payments in exchange for cheques or demand drafts linked to non-resident accounts. The explanation that the amounts were gifts from friends and relatives was found implausible and was rejected for lack of a satisfactory rebuttal. On that evidence, the violation under Section 9(1)(d) of the Foreign Exchange Regulation Act, 1973 was upheld and the penalty under the adjudication order was sustained. Case-Laws FEMA Wed, 04 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349304