https://www.taxtmi.com/caselaws?id=457977 Mere custody of foreign exchange belonging to another person does not amount to "otherwise acquiring" it under section 8(1) of the Foreign Exchange Regulation Act, 1973, because safe keeping without proprietary interest or personal use falls outside that expression. The deeming explanation to section 8(1) was treated as extending only the concept of lending, not as converting custody into acquisition. By contrast, contraventions under section 9(1)(b) and section 9(1)(d) may be established on the basis of voluntary initial statements and corroborating witness statements, even if the statements are later retracted and one witness is unavailable for cross-examination, where the existing material remains reliable. en-us Thu, 21 Dec 1989 00:00:00 +0530 Tue, 01 Oct 2024 18:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457977 Mere custody of foreign exchange belonging to another person does not amount to "otherwise acquiring" it under section 8(1) of the Foreign Exchange Regulation Act, 1973, because safe keeping without proprietary interest or personal use falls outside that expression. The deeming explanation to section 8(1) was treated as extending only the concept of lending, not as converting custody into acquisition. By contrast, contraventions under section 9(1)(b) and section 9(1)(d) may be established on the basis of voluntary initial statements and corroborating witness statements, even if the statements are later retracted and one witness is unavailable for cross-examination, where the existing material remains reliable. Case-Laws FEMA Thu, 21 Dec 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457977