https://www.taxtmi.com/caselaws?id=787197 Section 6(4) of the Foreign Exchange Management Act permits a resident to hold, transfer or invest foreign currency acquired while non-resident only if the funds are legitimately acquired and duly substantiated; unexplained or illegitimate funds fall outside its protection. On the facts, transfer messages, cash and fragmented receipts, and uncorroborated third party explanations led to rejection of the appellant's claim under that provision. Factual findings that receipts were not appellant's salary, were in cash and in parts, and were afterthoughts sustain contravention of the foreign exchange provisions; the tribunal nevertheless reduced the monetary penalty on mitigating grounds. en-us Thu, 26 Feb 2026 00:00:00 +0530 Sat, 28 Feb 2026 08:41:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787197 Section 6(4) of the Foreign Exchange Management Act permits a resident to hold, transfer or invest foreign currency acquired while non-resident only if the funds are legitimately acquired and duly substantiated; unexplained or illegitimate funds fall outside its protection. On the facts, transfer messages, cash and fragmented receipts, and uncorroborated third party explanations led to rejection of the appellant's claim under that provision. Factual findings that receipts were not appellant's salary, were in cash and in parts, and were afterthoughts sustain contravention of the foreign exchange provisions; the tribunal nevertheless reduced the monetary penalty on mitigating grounds. Case-Laws FEMA Thu, 26 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787197