https://www.taxtmi.com/caselaws?id=457951 Foreign exchange acquired for a specific import purpose is treated as contravened when the contracted goods or component are not supplied and the exchange is not used for that purpose, bringing the matter within section 8(3) read with section 8(4) of FERA; on that charge, contravention was found but the penalty was reduced. A mere diary entry recording "amount to be paid" does not, by itself, create an enforceable right to receive payment in favour of a person resident outside India, so section 9(1)(c) is not attracted unless such a right is shown; on that charge, contravention was not proved and the penalty was set aside. en-us Fri, 11 Oct 1991 00:00:00 +0530 Tue, 01 Oct 2024 18:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457951 Foreign exchange acquired for a specific import purpose is treated as contravened when the contracted goods or component are not supplied and the exchange is not used for that purpose, bringing the matter within section 8(3) read with section 8(4) of FERA; on that charge, contravention was found but the penalty was reduced. A mere diary entry recording "amount to be paid" does not, by itself, create an enforceable right to receive payment in favour of a person resident outside India, so section 9(1)(c) is not attracted unless such a right is shown; on that charge, contravention was not proved and the penalty was set aside. Case-Laws FEMA Fri, 11 Oct 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457951