https://www.taxtmi.com/caselaws?id=283500 Section 4(1) of the Foreign Exchange Regulation Act, 1947 was construed as a broad prohibition on buying, borrowing or otherwise acquiring foreign exchange without Reserve Bank permission. Receipt of foreign exchange from another person, including a gratuitous payment by a relative for travel and incidental expenses abroad, was treated as "otherwise acquiring" because it involves transfer of title, possession and the ability to appropriate the currency. The Foreign Travel Scheme and exchange-control manual did not imply permission for such private receipt abroad, and a hospitality-based characterisation did not remove the transaction from the statutory ban. en-us Thu, 05 Oct 1978 00:00:00 +0530 Wed, 25 Sep 2019 17:25:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283500 Section 4(1) of the Foreign Exchange Regulation Act, 1947 was construed as a broad prohibition on buying, borrowing or otherwise acquiring foreign exchange without Reserve Bank permission. Receipt of foreign exchange from another person, including a gratuitous payment by a relative for travel and incidental expenses abroad, was treated as "otherwise acquiring" because it involves transfer of title, possession and the ability to appropriate the currency. The Foreign Travel Scheme and exchange-control manual did not imply permission for such private receipt abroad, and a hospitality-based characterisation did not remove the transaction from the statutory ban. Case-Laws FEMA Thu, 05 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283500