https://www.taxtmi.com/highlights?id=81495 Contraventions of Sections 9(1)(b) & 9(1)(d) of the relevant law were established against the appellants, involving receiving and making payments to/from persons resident outside India without RBI exemption. The adjudicating authority considered retracted statements corroborated by independent evidence and provided adequate opportunity during adjudication proceedings. Cross-examination was not prejudicial after serving show cause notice and relied upon documents. The appellate tribunal upheld the contraventions but reduced the penalties to the amounts of pre-deposit made by the appellants, considering their economic status, at Rs. 13,50,000/- and Rs. 1,35,000/- respectively. en-us Thu, 19 Sep 2024 08:00:15 +0530 Thu, 19 Sep 2024 08:00:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81495 Contraventions of Sections 9(1)(b) & 9(1)(d) of the relevant law were established against the appellants, involving receiving and making payments to/from persons resident outside India without RBI exemption. The adjudicating authority considered retracted statements corroborated by independent evidence and provided adequate opportunity during adjudication proceedings. Cross-examination was not prejudicial after serving show cause notice and relied upon documents. The appellate tribunal upheld the contraventions but reduced the penalties to the amounts of pre-deposit made by the appellants, considering their economic status, at Rs. 13,50,000/- and Rs. 1,35,000/- respectively. Highlights FEMA Thu, 19 Sep 2024 08:00:15 +0530 https://www.taxtmi.com/highlights?id=81495