https://www.taxtmi.com/caselaws?id=280568 A continuing agreement to facilitate illicit acquisition and retention of foreign exchange abroad may amount to criminal conspiracy under Section 120B IPC when the arrangement persists after foreign exchange restrictions come into force and is furthered by acts in execution of the common design. The Court also held that the Foreign Exchange Regulation Act, 1947 contains a self-contained adjudication-and-complaint scheme, but that scheme does not exclude prosecution where the statutory procedure is followed; the complaint was therefore not liable to be quashed on the ground that it was premature or barred by the Act. The majority sustained the prosecution, while the dissent would have treated the allegations as insufficient and premature. en-us Tue, 14 Oct 1969 00:00:00 +0530 Fri, 10 May 2019 17:17:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280568 A continuing agreement to facilitate illicit acquisition and retention of foreign exchange abroad may amount to criminal conspiracy under Section 120B IPC when the arrangement persists after foreign exchange restrictions come into force and is furthered by acts in execution of the common design. The Court also held that the Foreign Exchange Regulation Act, 1947 contains a self-contained adjudication-and-complaint scheme, but that scheme does not exclude prosecution where the statutory procedure is followed; the complaint was therefore not liable to be quashed on the ground that it was premature or barred by the Act. The majority sustained the prosecution, while the dissent would have treated the allegations as insufficient and premature. Case-Laws Indian Laws Tue, 14 Oct 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280568