https://www.taxtmi.com/caselaws?id=457748 A licensed full-fledged money changer does not contravene foreign exchange law or licence conditions by entrusting foreign exchange and travellers cheques to duly authorised employees, where those employees were forwarded to RBI as authorised signatories and no specific breached condition was identified. On the alleged attempted unauthorised sale, the record contained no cogent evidence of an actual or intended illegal sale, and mere possession of discharged or countersigned travellers cheques was insufficient. The findings of contravention, penalty and confiscation were therefore unsustainable, and the impugned order was set aside. en-us Wed, 18 Jul 2001 00:00:00 +0530 Thu, 26 Sep 2024 17:19:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457748 A licensed full-fledged money changer does not contravene foreign exchange law or licence conditions by entrusting foreign exchange and travellers cheques to duly authorised employees, where those employees were forwarded to RBI as authorised signatories and no specific breached condition was identified. On the alleged attempted unauthorised sale, the record contained no cogent evidence of an actual or intended illegal sale, and mere possession of discharged or countersigned travellers cheques was insufficient. The findings of contravention, penalty and confiscation were therefore unsustainable, and the impugned order was set aside. Case-Laws FEMA Wed, 18 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457748