https://www.taxtmi.com/caselaws?id=753171 Offences committed under the repealed Foreign Exchange Regulation Act, 1973 remained punishable because the acts and proceedings began before the Foreign Exchange Management Act, 1999, and the saving clauses in Section 49(3) and 49(4) preserved liability under FERA. The prosecution was therefore maintainable, and the conviction was upheld as free from legal infirmity. However, because Section 57 of FERA allowed imprisonment, fine, or both, and in view of the long lapse of time, the petitioner's age, and the case facts, the custodial sentence was set aside and replaced with a fine. en-us Wed, 22 May 2024 00:00:00 +0530 Mon, 27 May 2024 21:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753171 Offences committed under the repealed Foreign Exchange Regulation Act, 1973 remained punishable because the acts and proceedings began before the Foreign Exchange Management Act, 1999, and the saving clauses in Section 49(3) and 49(4) preserved liability under FERA. The prosecution was therefore maintainable, and the conviction was upheld as free from legal infirmity. However, because Section 57 of FERA allowed imprisonment, fine, or both, and in view of the long lapse of time, the petitioner's age, and the case facts, the custodial sentence was set aside and replaced with a fine. Case-Laws FEMA Wed, 22 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753171