https://www.taxtmi.com/caselaws?id=758462 Recorded statements under section 40 of the Foreign Exchange Regulation Act, 1973, together with financial records and surrounding material, were treated as sufficient to show knowing facilitation of over-invoiced book imports and inflated foreign exchange remittances through proprietorship concerns. The denial of knowledge was rejected on that material, but the person was not viewed as the principal architect of the scheme. On that basis, contravention under section 8(3) read with section 8(4) and section 64(2) of FERA was stated to be established, while the penalty was moderated and the blocked amount ordered to be released after adjustment. en-us Tue, 13 Aug 2024 00:00:00 +0530 Fri, 13 Sep 2024 10:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758462 Recorded statements under section 40 of the Foreign Exchange Regulation Act, 1973, together with financial records and surrounding material, were treated as sufficient to show knowing facilitation of over-invoiced book imports and inflated foreign exchange remittances through proprietorship concerns. The denial of knowledge was rejected on that material, but the person was not viewed as the principal architect of the scheme. On that basis, contravention under section 8(3) read with section 8(4) and section 64(2) of FERA was stated to be established, while the penalty was moderated and the blocked amount ordered to be released after adjustment. Case-Laws FEMA Tue, 13 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758462