https://www.taxtmi.com/caselaws?id=457969 Receipt of foreign exchange by a resident as a gift outside India constitutes "otherwise acquiring" foreign exchange under section 8(1) of the Foreign Exchange Regulation Act, 1973, and the amount so received had to be surrendered within the period prescribed by the RBI notification; minor defects in the notice, joinder of charges, and the absence of a proved cross-examination request did not vitiate the proceedings. On the purchase of US $ 4,000, the appellant's statements and surrounding circumstances established acquisition from an unauthorised person without RBI permission, so contravention of section 8(1) was sustained. However, contravention of section 8(2) failed because the authorised exchange rate at the relevant time was not proved. en-us Wed, 08 Jul 1992 00:00:00 +0530 Tue, 01 Oct 2024 18:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457969 Receipt of foreign exchange by a resident as a gift outside India constitutes "otherwise acquiring" foreign exchange under section 8(1) of the Foreign Exchange Regulation Act, 1973, and the amount so received had to be surrendered within the period prescribed by the RBI notification; minor defects in the notice, joinder of charges, and the absence of a proved cross-examination request did not vitiate the proceedings. On the purchase of US $ 4,000, the appellant's statements and surrounding circumstances established acquisition from an unauthorised person without RBI permission, so contravention of section 8(1) was sustained. However, contravention of section 8(2) failed because the authorised exchange rate at the relevant time was not proved. Case-Laws FEMA Wed, 08 Jul 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457969