https://www.taxtmi.com/caselaws?id=457962 An attempted receipt of foreign exchange through a cheque sent by a person resident outside India was treated as contravention, even though the cheque was not realised, because an attempt to contravene a prohibited transaction is deemed a contravention under section 64(2). The finding of liability was therefore upheld. However, the penalty was held disproportionate in light of the fact that the amount was not ultimately received and was intended for family use, so the punishment was reduced from Rs. 1,500 to Rs. 500, with consequential refund relief. en-us Mon, 15 Jun 1992 00:00:00 +0530 Tue, 01 Oct 2024 18:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457962 An attempted receipt of foreign exchange through a cheque sent by a person resident outside India was treated as contravention, even though the cheque was not realised, because an attempt to contravene a prohibited transaction is deemed a contravention under section 64(2). The finding of liability was therefore upheld. However, the penalty was held disproportionate in light of the fact that the amount was not ultimately received and was intended for family use, so the punishment was reduced from Rs. 1,500 to Rs. 500, with consequential refund relief. Case-Laws FEMA Mon, 15 Jun 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457962