https://www.taxtmi.com/caselaws?id=457952 In foreign exchange contravention matters, "transfer" and "acquire" under FERA are construed broadly: handing over currency for use when required amounts to transfer and receipt into possession amounts to acquisition, so the acquisition charge was proved. Bare allegations of coercion and a vague partial retraction do not displace recorded statements where material parts are corroborated, so those admissions were relied upon. Mere intention or preparatory conduct is insufficient for attempt to sell or convert foreign exchange, so that charge failed. A composite penalty was reduced because only one contravention survived, and confiscation was upheld as proceedings in rem despite a third-party ownership claim. en-us Wed, 06 Mar 1991 00:00:00 +0530 Tue, 01 Oct 2024 18:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457952 In foreign exchange contravention matters, "transfer" and "acquire" under FERA are construed broadly: handing over currency for use when required amounts to transfer and receipt into possession amounts to acquisition, so the acquisition charge was proved. Bare allegations of coercion and a vague partial retraction do not displace recorded statements where material parts are corroborated, so those admissions were relied upon. Mere intention or preparatory conduct is insufficient for attempt to sell or convert foreign exchange, so that charge failed. A composite penalty was reduced because only one contravention survived, and confiscation was upheld as proceedings in rem despite a third-party ownership claim. Case-Laws FEMA Wed, 06 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457952