https://www.taxtmi.com/caselaws?id=457813 Acceptance of Indian currency from foreign guests was treated as a contravention of the Foreign Exchange Regulation Act, 1973 and the section 15 notification, but the firm's cooperation, proper records, absence of mala fide intent and lack of prior breach justified a 50% reduction in penalty. Vicarious liability for the manager was not sustained because the record did not establish the consent or participation required under section 68(2). The penalty on the partner in charge was also set aside because section 68(1) was not satisfied on the available material and the contravention was shown to have occurred without knowledge. en-us Fri, 08 Jun 2001 00:00:00 +0530 Fri, 27 Sep 2024 17:00:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457813 Acceptance of Indian currency from foreign guests was treated as a contravention of the Foreign Exchange Regulation Act, 1973 and the section 15 notification, but the firm's cooperation, proper records, absence of mala fide intent and lack of prior breach justified a 50% reduction in penalty. Vicarious liability for the manager was not sustained because the record did not establish the consent or participation required under section 68(2). The penalty on the partner in charge was also set aside because section 68(1) was not satisfied on the available material and the contravention was shown to have occurred without knowledge. Case-Laws FEMA Fri, 08 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457813