https://www.taxtmi.com/caselaws?id=467178 Findings address alleged contraventions of the Foreign Exchange Management Act concerning unauthorized outward remittances, purchase of foreign exchange from non authorised persons, and seizure/confiscation of currency. The adjudicator relied on recorded statements, documentary and physical recoveries, call records and interrelated premises searches; retractions were rejected as belated. The governing principle applied is that a retracted confession may be acted upon when its inculpatory content is substantially corroborated by independent, cogent evidence, and absence of credible licensed acquisition records supported the conclusion that transactions were not legitimate. On that basis the impugned contravention findings, penalties and confiscation were sustained and the appeal dismissed. en-us Tue, 18 Mar 2025 00:00:00 +0530 Tue, 10 Mar 2026 08:51:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467178 Findings address alleged contraventions of the Foreign Exchange Management Act concerning unauthorized outward remittances, purchase of foreign exchange from non authorised persons, and seizure/confiscation of currency. The adjudicator relied on recorded statements, documentary and physical recoveries, call records and interrelated premises searches; retractions were rejected as belated. The governing principle applied is that a retracted confession may be acted upon when its inculpatory content is substantially corroborated by independent, cogent evidence, and absence of credible licensed acquisition records supported the conclusion that transactions were not legitimate. On that basis the impugned contravention findings, penalties and confiscation were sustained and the appeal dismissed. Case-Laws FEMA Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467178