https://www.taxtmi.com/caselaws?id=457967 Where foreign exchange is held abroad under a genuine contingent arrangement, no contravention of exchange-control law arises until the person obtains present title or control. On those facts, the commission amount was not immediately due, the appellant had only a contingent right, and there was no acquisition or transfer of foreign exchange in breach of the law. The duty to offer foreign exchange for sale to an authorised dealer also arose only when the appellant obtained a real right of disposal, so no default under the surrender requirement was established. The anti-evasion provision was likewise inapplicable because the agreement was not a device to defeat the statutory scheme. en-us Mon, 17 Jul 1989 00:00:00 +0530 Tue, 01 Oct 2024 18:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457967 Where foreign exchange is held abroad under a genuine contingent arrangement, no contravention of exchange-control law arises until the person obtains present title or control. On those facts, the commission amount was not immediately due, the appellant had only a contingent right, and there was no acquisition or transfer of foreign exchange in breach of the law. The duty to offer foreign exchange for sale to an authorised dealer also arose only when the appellant obtained a real right of disposal, so no default under the surrender requirement was established. The anti-evasion provision was likewise inapplicable because the agreement was not a device to defeat the statutory scheme. Case-Laws FEMA Mon, 17 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457967