https://www.taxtmi.com/caselaws?id=457910 The Foreign Exchange Regulation Appellate Board partially allowed the appeal, affirming penalties and confiscation for contravention of section 8(1) of the Foreign Exchange Regulation Act, 1973, while reducing the penalty from Rs. 70,000 to Rs. 50,000. The appellant must pay the revised penalty within 30 days, or the respondent may recover it as per the law. The Board dismissed the charge under section 8(2) due to insufficient evidence but upheld the contravention of section 8(1) based on the evidence, including seized documents, supporting unauthorized foreign exchange transactions. 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 The Foreign Exchange Regulation Appellate Board partially allowed the appeal, affirming penalties and confiscation for contravention of section 8(1) of the Foreign Exchange Regulation Act, 1973, while reducing the penalty from Rs. 70,000 to Rs. 50,000. The appellant must pay the revised penalty within 30 days, or the respondent may recover it as per the law. The Board dismissed the charge under section 8(2) due to insufficient evidence but upheld the contravention of section 8(1) based on the evidence, including seized documents, supporting unauthorized foreign exchange transactions. Case-Laws FEMA Thu, 21 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457910