https://www.taxtmi.com/caselaws?id=457803 Execution of pronotes in favour of non-resident lenders, receipt of a foreign currency draft, and the appellant's own admission were treated as sufficient evidence of contravention of the foreign exchange restrictions on payments and dealings with non-residents. The plea of ignorance about the lenders' non-resident status was rejected because the surrounding documents and statement proved acknowledgment of the debt and receipt of funds. The materials were held adequate to establish the regulatory breach, and the penalty was not interfered with. en-us Fri, 16 Apr 1999 00:00:00 +0530 Fri, 27 Sep 2024 15:36:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457803 Execution of pronotes in favour of non-resident lenders, receipt of a foreign currency draft, and the appellant's own admission were treated as sufficient evidence of contravention of the foreign exchange restrictions on payments and dealings with non-residents. The plea of ignorance about the lenders' non-resident status was rejected because the surrounding documents and statement proved acknowledgment of the debt and receipt of funds. The materials were held adequate to establish the regulatory breach, and the penalty was not interfered with. Case-Laws FEMA Fri, 16 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457803