https://www.taxtmi.com/caselaws?id=457678 A confessional statement admitting receipt of foreign exchange, not having been retracted, was treated as voluntary and reliable evidence of contravention under the Foreign Exchange Regulation Act, 1973. The recovery of Singapore dollars from the premises, read with the corresponding statement, was accepted as mutually corroborative and sufficient to establish the section 8(1) violation. The monetary penalty for the section 9(1)(b) contravention was found inadequately supported on the record and was substantially reduced, while the penalty for the section 8(1) contravention was maintained. en-us Mon, 28 Feb 2005 00:00:00 +0530 Wed, 25 Sep 2024 15:20:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457678 A confessional statement admitting receipt of foreign exchange, not having been retracted, was treated as voluntary and reliable evidence of contravention under the Foreign Exchange Regulation Act, 1973. The recovery of Singapore dollars from the premises, read with the corresponding statement, was accepted as mutually corroborative and sufficient to establish the section 8(1) violation. The monetary penalty for the section 9(1)(b) contravention was found inadequately supported on the record and was substantially reduced, while the penalty for the section 8(1) contravention was maintained. Case-Laws FEMA Mon, 28 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457678