https://www.taxtmi.com/caselaws?id=457789 Recovered foreign currency, unexplained possession, and admissions in recorded statements were treated as sufficient evidence of contravention of foreign exchange restrictions. The later retraction was rejected because no credible material showed threat, violence, or any circumstance undermining the confessions. Bank deposits did not displace the finding that foreign currency had been sold at a rate other than that prescribed by the Reserve Bank of India, especially where no supporting documents were produced for the relevant year. On that basis, the penalty and confiscation were upheld. en-us Wed, 14 Jul 1999 00:00:00 +0530 Fri, 27 Sep 2024 13:22:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457789 Recovered foreign currency, unexplained possession, and admissions in recorded statements were treated as sufficient evidence of contravention of foreign exchange restrictions. The later retraction was rejected because no credible material showed threat, violence, or any circumstance undermining the confessions. Bank deposits did not displace the finding that foreign currency had been sold at a rate other than that prescribed by the Reserve Bank of India, especially where no supporting documents were produced for the relevant year. On that basis, the penalty and confiscation were upheld. Case-Laws FEMA Wed, 14 Jul 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457789