https://www.taxtmi.com/caselaws?id=457856 The appeal of the first appellant was allowed, with the impugned order set aside, as he was not directly involved in the contravention under Section 68(2) of the FERA, 1973. The second appellant's appeal was partly allowed; although the contravention was upheld, the penalty was set aside due to the bona fide nature of the act. The Board highlighted the necessity for RBI to provide explicit guidelines concerning the acceptance of Indian currency from foreign naval personnel. en-us Tue, 24 Sep 1996 00:00:00 +0530 Sun, 29 Sep 2024 16:20:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457856 The appeal of the first appellant was allowed, with the impugned order set aside, as he was not directly involved in the contravention under Section 68(2) of the FERA, 1973. The second appellant's appeal was partly allowed; although the contravention was upheld, the penalty was set aside due to the bona fide nature of the act. The Board highlighted the necessity for RBI to provide explicit guidelines concerning the acceptance of Indian currency from foreign naval personnel. Case-Laws FEMA Tue, 24 Sep 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457856