https://www.taxtmi.com/caselaws?id=783658 The dominant issues were whether confiscation of foreign currency and the quantum of penalty under the Foreign Exchange Management Act, 1999 were sustainable. On contravention, the Tribunal held that the appellant admitted foreign exchange accrued on 16.07.2007 and was not repatriated within 180 days, constituting contravention of ss. 3(a) and 4 and further contravention of s. 8 read with regs. 3 and 7 of the 2000 Regulations; penalty was therefore warranted but was reduced after considering the amount involved. On confiscation, absent any finding that the cash was involved in any prohibited transaction (including hawala), mere possession could not justify confiscation; the confiscation order was set aside to that extent. Appeal disposed of with modified penalty and adjustment of pre-deposit. en-us Wed, 10 Dec 2025 00:00:00 +0530 Sat, 20 Dec 2025 07:45:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783658 The dominant issues were whether confiscation of foreign currency and the quantum of penalty under the Foreign Exchange Management Act, 1999 were sustainable. On contravention, the Tribunal held that the appellant admitted foreign exchange accrued on 16.07.2007 and was not repatriated within 180 days, constituting contravention of ss. 3(a) and 4 and further contravention of s. 8 read with regs. 3 and 7 of the 2000 Regulations; penalty was therefore warranted but was reduced after considering the amount involved. On confiscation, absent any finding that the cash was involved in any prohibited transaction (including hawala), mere possession could not justify confiscation; the confiscation order was set aside to that extent. Appeal disposed of with modified penalty and adjustment of pre-deposit. Case-Laws FEMA Wed, 10 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783658