https://www.taxtmi.com/caselaws?id=457914 The Board set aside the impugned order against the appellant-company and its Director, allowing the appeal. It concluded that the adjudication proceedings under section 51 were impermissible since the Reserve Bank had not issued directions under section 16(2) of the Foreign Exchange Regulation Act, 1973. Consequently, penalties under sections 51 and 50 were not applicable, and the requirement for pre-deposit was waived. The Board emphasized that non-compliance with section 16(1)(a) alone did not attract penalties without Reserve Bank directions, aligning with the Madras HC's interpretation and consistent FERA Board decisions. Other grounds raised by appellants were not considered. en-us Mon, 06 Nov 1995 00:00:00 +0530 Mon, 30 Sep 2024 16:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457914 The Board set aside the impugned order against the appellant-company and its Director, allowing the appeal. It concluded that the adjudication proceedings under section 51 were impermissible since the Reserve Bank had not issued directions under section 16(2) of the Foreign Exchange Regulation Act, 1973. Consequently, penalties under sections 51 and 50 were not applicable, and the requirement for pre-deposit was waived. The Board emphasized that non-compliance with section 16(1)(a) alone did not attract penalties without Reserve Bank directions, aligning with the Madras HC's interpretation and consistent FERA Board decisions. Other grounds raised by appellants were not considered. Case-Laws FEMA Mon, 06 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457914