https://www.taxtmi.com/caselaws?id=759796 The Appellate Tribunal SAFEMA upheld penalties against two respondents for illegal foreign exchange trading under FEMA. The respondents operated an organized network purchasing foreign currency from local markets to sell to overseas travelers. The Tribunal confirmed confiscation of seized foreign currencies (US$6,370, Euros, Sterling pounds, and other denominations) and penalties of Rs.24,00,000 and Rs.12,00,000 respectively. Additionally, the Tribunal ordered confiscation of Rs.10,57,000 in Indian currency, overturning the lower authority's decision to release these funds, finding them linked to illegal foreign exchange transactions. en-us Wed, 12 Jun 2024 00:00:00 +0530 Wed, 09 Oct 2024 08:20:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759796 The Appellate Tribunal SAFEMA upheld penalties against two respondents for illegal foreign exchange trading under FEMA. The respondents operated an organized network purchasing foreign currency from local markets to sell to overseas travelers. The Tribunal confirmed confiscation of seized foreign currencies (US$6,370, Euros, Sterling pounds, and other denominations) and penalties of Rs.24,00,000 and Rs.12,00,000 respectively. Additionally, the Tribunal ordered confiscation of Rs.10,57,000 in Indian currency, overturning the lower authority's decision to release these funds, finding them linked to illegal foreign exchange transactions. Case-Laws FEMA Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759796