https://www.taxtmi.com/caselaws?id=764678 Possession and dealing in foreign currency without prior or special RBI permission was treated as sufficient to establish contravention of sections 8(1) and 8(2) of the Foreign Exchange Regulation Act, 1973, and that finding was upheld. The Tribunal, however, held that the penalty imposed was excessive in light of the proved facts and the currency value involved, and reduced the penalty from Rs. 80 lakhs to Rs. 8 lakhs on each appellant. The result was affirmation of liability with substantial reduction of the punitive amount. en-us Wed, 04 Dec 2024 00:00:00 +0530 Thu, 16 Jan 2025 08:17:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764678 Possession and dealing in foreign currency without prior or special RBI permission was treated as sufficient to establish contravention of sections 8(1) and 8(2) of the Foreign Exchange Regulation Act, 1973, and that finding was upheld. The Tribunal, however, held that the penalty imposed was excessive in light of the proved facts and the currency value involved, and reduced the penalty from Rs. 80 lakhs to Rs. 8 lakhs on each appellant. The result was affirmation of liability with substantial reduction of the punitive amount. Case-Laws FEMA Wed, 04 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764678