https://www.taxtmi.com/caselaws?id=457366 Unauthorised dealing in foreign exchange was established where the appellant admitted purchase and sale of foreign exchange, then retracted the statement without producing evidence of threat or coercion. The burden to prove coercion lay on the maker of the statement, and the delayed retraction weakened its value. The admission was further corroborated by surrounding circumstances and by the recipient's statement showing conversion at unauthorised rates. Contravention of section 8(1) and section 8(2) of the Foreign Exchange Regulation Act, 1973 was therefore proved, and the penalty was upheld. en-us Fri, 18 Dec 2009 00:00:00 +0530 Wed, 18 Sep 2024 12:34:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457366 Unauthorised dealing in foreign exchange was established where the appellant admitted purchase and sale of foreign exchange, then retracted the statement without producing evidence of threat or coercion. The burden to prove coercion lay on the maker of the statement, and the delayed retraction weakened its value. The admission was further corroborated by surrounding circumstances and by the recipient's statement showing conversion at unauthorised rates. Contravention of section 8(1) and section 8(2) of the Foreign Exchange Regulation Act, 1973 was therefore proved, and the penalty was upheld. Case-Laws FEMA Fri, 18 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457366