https://www.taxtmi.com/caselaws?id=758789 The Appellate Tribunal under SAFEMA allowed the appeal by the forex company and dismissed the individual appellant's appeal regarding FEMA violations. The company successfully demonstrated that seized Indian currency of Rs. 11 lakhs was properly accounted for through bank records, and foreign currency holdings were adequately documented. The Tribunal found no contraventions by the company and ordered release of all seized currency. However, the individual appellant was found guilty of selling US dollars at premium rates to Nigerian HC officials. The Rs. 5 lakh penalty already deposited by the individual was deemed sufficient with no additional payment required. en-us Mon, 08 Jul 2024 00:00:00 +0530 Thu, 19 Sep 2024 08:00:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758789 The Appellate Tribunal under SAFEMA allowed the appeal by the forex company and dismissed the individual appellant's appeal regarding FEMA violations. The company successfully demonstrated that seized Indian currency of Rs. 11 lakhs was properly accounted for through bank records, and foreign currency holdings were adequately documented. The Tribunal found no contraventions by the company and ordered release of all seized currency. However, the individual appellant was found guilty of selling US dollars at premium rates to Nigerian HC officials. The Rs. 5 lakh penalty already deposited by the individual was deemed sufficient with no additional payment required. Case-Laws FEMA Mon, 08 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758789