https://www.taxtmi.com/caselaws?id=770867 The Appellate Tribunal under SAFEMA upheld confiscation of foreign currency equivalent to INR 3,30,82,775.28 and penalty of Rs. One lakh for violation of Section 3(a) of FEMA, 1999. Appellant failed to provide proper explanation for possessing unaccounted foreign currency without dealing through authorized dealer or reporting to RBI. Additionally, penalty of Rs. 10,000 was upheld for Section 3(b) violation involving USD 22,000 payment to NRI without RBI permission. The appeal was dismissed as devoid of merit, confirming the Adjudicating Authority's order. en-us Mon, 07 Apr 2025 00:00:00 +0530 Fri, 16 May 2025 16:12:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770867 The Appellate Tribunal under SAFEMA upheld confiscation of foreign currency equivalent to INR 3,30,82,775.28 and penalty of Rs. One lakh for violation of Section 3(a) of FEMA, 1999. Appellant failed to provide proper explanation for possessing unaccounted foreign currency without dealing through authorized dealer or reporting to RBI. Additionally, penalty of Rs. 10,000 was upheld for Section 3(b) violation involving USD 22,000 payment to NRI without RBI permission. The appeal was dismissed as devoid of merit, confirming the Adjudicating Authority's order. Case-Laws FEMA Mon, 07 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770867