https://www.taxtmi.com/caselaws?id=281947 Disbursing amounts from foreign ship owners' funds in the ordinary course of business did not amount to contravention of foreign exchange restrictions where the appellant acted as agent for foreign principals, maintained a running account, made payments on their instructions, and disclosed the transactions to the Reserve Bank of India from time to time. With no concealment shown and the business unable to be carried on otherwise, the finding of contravention under the Foreign Exchange Regulation Act was not justified. The appellant was therefore not liable for the alleged breach. en-us Tue, 15 Jul 1986 00:00:00 +0530 Sat, 13 Jul 2019 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281947 Disbursing amounts from foreign ship owners' funds in the ordinary course of business did not amount to contravention of foreign exchange restrictions where the appellant acted as agent for foreign principals, maintained a running account, made payments on their instructions, and disclosed the transactions to the Reserve Bank of India from time to time. With no concealment shown and the business unable to be carried on otherwise, the finding of contravention under the Foreign Exchange Regulation Act was not justified. The appellant was therefore not liable for the alleged breach. Case-Laws FEMA Tue, 15 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281947