https://www.taxtmi.com/caselaws?id=457908 Undisputed recovery of foreign currency from business , combined with no proof of lawful possession, supported a finding that the currency was acquired and retained in breach of the foreign exchange restrictions under sections 8(1) and 8(2) of the Foreign Exchange Regulation Act, 1973. The record showed foreign currency in different denominations and countries, indicating illegal foreign exchange dealings rather than isolated possession. On that basis, the penalty and confiscation of the seized currency were treated as proportionate and justified, and the impugned order was sustained in full. en-us Tue, 01 Aug 1995 00:00:00 +0530 Mon, 30 Sep 2024 16:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457908 Undisputed recovery of foreign currency from business , combined with no proof of lawful possession, supported a finding that the currency was acquired and retained in breach of the foreign exchange restrictions under sections 8(1) and 8(2) of the Foreign Exchange Regulation Act, 1973. The record showed foreign currency in different denominations and countries, indicating illegal foreign exchange dealings rather than isolated possession. On that basis, the penalty and confiscation of the seized currency were treated as proportionate and justified, and the impugned order was sustained in full. Case-Laws FEMA Tue, 01 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457908