https://www.taxtmi.com/caselaws?id=770871 The Appellate Tribunal under SAFEMA upheld contraventions under Sections 3(c) and 3(d) of the 1999 Act, where appellant received funds in India on instructions from a non-resident and engaged in unauthorized foreign exchange transactions. The Tribunal confirmed forfeiture of seized cash based on corroborated documentary evidence and witness statements. However, considering the 14-year delay, penalties were substantially reduced from Rs. 9 crores to Rs. 2.75 crores for Section 3(c) violation and from Rs. 1 crore to Rs. 25 lakhs for Section 3(d) violation. The Tribunal directed adjustment of confiscated amounts against penalties and ordered refund of excess amounts to appellant. en-us Thu, 08 May 2025 00:00:00 +0530 Sat, 17 May 2025 08:39:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770871 The Appellate Tribunal under SAFEMA upheld contraventions under Sections 3(c) and 3(d) of the 1999 Act, where appellant received funds in India on instructions from a non-resident and engaged in unauthorized foreign exchange transactions. The Tribunal confirmed forfeiture of seized cash based on corroborated documentary evidence and witness statements. However, considering the 14-year delay, penalties were substantially reduced from Rs. 9 crores to Rs. 2.75 crores for Section 3(c) violation and from Rs. 1 crore to Rs. 25 lakhs for Section 3(d) violation. The Tribunal directed adjustment of confiscated amounts against penalties and ordered refund of excess amounts to appellant. Case-Laws FEMA Thu, 08 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770871