https://www.taxtmi.com/caselaws?id=457423 Acceptance of NRI fixed deposits through a power of attorney holder was treated as covered by RBI's general permission under the Exchange Control Manual, because the deposits were received in the names of non-resident Indians and the appellant had sought RBI permission and registration. The Tribunal further stated that the Foreign Exchange Regulation Act did not prohibit transactions being carried out through an authorised agent or power of attorney holder, and that liability could not be fastened on the appellant merely on the conduct of the attorney holders absent proceedings against them. On that basis, the alleged contravention of Section 9(1)(e) was not sustainable and the penalty order could not stand. en-us Mon, 29 Dec 2008 00:00:00 +0530 Thu, 19 Sep 2024 12:51:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457423 Acceptance of NRI fixed deposits through a power of attorney holder was treated as covered by RBI's general permission under the Exchange Control Manual, because the deposits were received in the names of non-resident Indians and the appellant had sought RBI permission and registration. The Tribunal further stated that the Foreign Exchange Regulation Act did not prohibit transactions being carried out through an authorised agent or power of attorney holder, and that liability could not be fastened on the appellant merely on the conduct of the attorney holders absent proceedings against them. On that basis, the alleged contravention of Section 9(1)(e) was not sustainable and the penalty order could not stand. Case-Laws FEMA Mon, 29 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457423