https://www.taxtmi.com/caselaws?id=457910 Possession of postal orders, travellers cheques and other foreign exchange was treated as possession of foreign exchange within the statutory definition, and the appellant's failure to show lawful acquisition or lawful holding justified an inference of contravention under section 8(1) of the Foreign Exchange Regulation Act, 1973; confiscation was upheld. The charge under section 8(2) required positive and conclusive proof, and the material relied on, including recovered chits and a retracted statement, was found insufficient to sustain that specific allegation. The section 8(2) finding was therefore set aside and the penalty was reduced correspondingly. en-us Thu, 21 Dec 1995 00:00:00 +0530 Mon, 30 Sep 2024 16:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457910 Possession of postal orders, travellers cheques and other foreign exchange was treated as possession of foreign exchange within the statutory definition, and the appellant's failure to show lawful acquisition or lawful holding justified an inference of contravention under section 8(1) of the Foreign Exchange Regulation Act, 1973; confiscation was upheld. The charge under section 8(2) required positive and conclusive proof, and the material relied on, including recovered chits and a retracted statement, was found insufficient to sustain that specific allegation. The section 8(2) finding was therefore set aside and the penalty was reduced correspondingly. Case-Laws FEMA Thu, 21 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457910