https://www.taxtmi.com/caselaws?id=467616 Failure to furnish Exchange Control Copies of Bills of Entry to an authorised dealer was treated as a substantive foreign-exchange contravention, not a technical lapse, because the documents verify that remitted foreign exchange corresponded to imported goods. Affidavits and an accountant's certificate did not meet this statutory requirement. Directors responsible for the company's business remained liable absent proof of lack of knowledge or due diligence. The transitional limitation objection failed because the show-cause notice was issued within two years of the new regime's commencement. Reliance on a bank clarification did not breach natural justice where it reduced quantified liability and caused no prejudice; penalties were sustained. en-us Wed, 12 Jun 2024 00:00:00 +0530 Thu, 26 Mar 2026 19:09:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467616 Failure to furnish Exchange Control Copies of Bills of Entry to an authorised dealer was treated as a substantive foreign-exchange contravention, not a technical lapse, because the documents verify that remitted foreign exchange corresponded to imported goods. Affidavits and an accountant's certificate did not meet this statutory requirement. Directors responsible for the company's business remained liable absent proof of lack of knowledge or due diligence. The transitional limitation objection failed because the show-cause notice was issued within two years of the new regime's commencement. Reliance on a bank clarification did not breach natural justice where it reduced quantified liability and caused no prejudice; penalties were sustained. Case-Laws FEMA Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467616