https://www.taxtmi.com/caselaws?id=457847 The appeal concerning alleged contraventions of the Foreign Exchange Regulation Act, 1973, concluded with the reduction of the penalty imposed on the appellant from Rs. 5,000 to Rs. 2,000, considering financial constraints. The appellant's failure to provide documentary evidence for the legal possession of foreign currency led to the upholding of the confiscation order. The appellant must deposit the reduced penalty within 45 days, failing which the Enforcement Directorate will recover the amount as per legal provisions. The judgment underscored the necessity of proving lawful possession and adherence to natural justice principles. en-us Wed, 12 Nov 1997 00:00:00 +0530 Sun, 29 Sep 2024 16:20:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457847 The appeal concerning alleged contraventions of the Foreign Exchange Regulation Act, 1973, concluded with the reduction of the penalty imposed on the appellant from Rs. 5,000 to Rs. 2,000, considering financial constraints. The appellant's failure to provide documentary evidence for the legal possession of foreign currency led to the upholding of the confiscation order. The appellant must deposit the reduced penalty within 45 days, failing which the Enforcement Directorate will recover the amount as per legal provisions. The judgment underscored the necessity of proving lawful possession and adherence to natural justice principles. Case-Laws FEMA Wed, 12 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457847