https://www.taxtmi.com/caselaws?id=440853 Under the saving provision governing the transition from the repealed foreign exchange law, adjudication is initiated in time when the adjudicating officer takes notice of the contravention within the prescribed period; service of the memorandum on the noticee need not be completed within that period. The transitional scheme preserves action lawfully commenced within time and does not require simultaneous criminal-court cognizance. Foreign currency dealers must exercise reasonable care and comply with RBI instructions. Repeated sales to the same or connected persons based on fictitious sponsorships or fake firms may establish failure of reasonable care and support penalties, particularly where concurrent factual findings are not shown to be perverse. en-us Tue, 25 Jul 2023 00:00:00 +0530 Thu, 23 Nov 2023 14:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440853 Under the saving provision governing the transition from the repealed foreign exchange law, adjudication is initiated in time when the adjudicating officer takes notice of the contravention within the prescribed period; service of the memorandum on the noticee need not be completed within that period. The transitional scheme preserves action lawfully commenced within time and does not require simultaneous criminal-court cognizance. Foreign currency dealers must exercise reasonable care and comply with RBI instructions. Repeated sales to the same or connected persons based on fictitious sponsorships or fake firms may establish failure of reasonable care and support penalties, particularly where concurrent factual findings are not shown to be perverse. Case-Laws FEMA Tue, 25 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440853