https://www.taxtmi.com/caselaws?id=46451 An application for compounding under FEMA was held not maintainable where the show-cause notice was issued under the Customs Act and no proceedings had been initiated under FEMA. The court treated the areas of operation of FEMA and the Customs Act as distinct and held that the compounding power under Section 15 of FEMA could not be invoked merely because the seized currency had foreign-exchange implications or because the notice arose from a broader factual setting. The challenge to the impugned order therefore failed. en-us Sat, 12 May 2001 00:00:00 +0530 Wed, 21 Jul 2010 09:39:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=46451 An application for compounding under FEMA was held not maintainable where the show-cause notice was issued under the Customs Act and no proceedings had been initiated under FEMA. The court treated the areas of operation of FEMA and the Customs Act as distinct and held that the compounding power under Section 15 of FEMA could not be invoked merely because the seized currency had foreign-exchange implications or because the notice arose from a broader factual setting. The challenge to the impugned order therefore failed. Case-Laws Customs Sat, 12 May 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=46451