https://www.taxtmi.com/caselaws?id=457159 The foreign exchange regime was interpreted to treat the signing of a show-cause notice as sufficient for "take notice of" within the saving provision, so service after the two-year period did not bar adjudication. Procedural objections based on delay and hearing notice defects were rejected where substantial compliance was found and no prejudice was shown. On merits, the Tribunal held that an authorised dealer must act with good faith, due care and caution when scrutinising foreign currency deposits, and repeated suspicious deposits in an NRE account required enquiry. The dealer's failure to do so was treated as aiding contravention, and the depositor's inability to prove lawful import of foreign currency also sustained liability. en-us Tue, 30 Jun 2009 00:00:00 +0530 Mon, 09 Sep 2024 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457159 The foreign exchange regime was interpreted to treat the signing of a show-cause notice as sufficient for "take notice of" within the saving provision, so service after the two-year period did not bar adjudication. Procedural objections based on delay and hearing notice defects were rejected where substantial compliance was found and no prejudice was shown. On merits, the Tribunal held that an authorised dealer must act with good faith, due care and caution when scrutinising foreign currency deposits, and repeated suspicious deposits in an NRE account required enquiry. The dealer's failure to do so was treated as aiding contravention, and the depositor's inability to prove lawful import of foreign currency also sustained liability. Case-Laws FEMA Tue, 30 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457159