https://www.taxtmi.com/caselaws?id=791005 Receipt of Indian rupees from an NRE account did not constitute contravention of section 8(1) or section 8(2) of the Foreign Exchange Regulation Act, 1973. The court noted that section 8(1) targets dealings in foreign exchange, including purchase, acquisition, transfer, lending or exchange, and its Explanation cannot be extended to a mere receipt of Indian currency. Section 8(2) also was not attracted because there was no unauthorised conversion between Indian currency and foreign currency at an impermissible rate. In the absence of proof of dealing in foreign exchange or an unauthorised conversion transaction, the penalty could not stand. en-us Thu, 30 Apr 2026 00:00:00 +0530 Tue, 05 May 2026 09:09:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791005 Receipt of Indian rupees from an NRE account did not constitute contravention of section 8(1) or section 8(2) of the Foreign Exchange Regulation Act, 1973. The court noted that section 8(1) targets dealings in foreign exchange, including purchase, acquisition, transfer, lending or exchange, and its Explanation cannot be extended to a mere receipt of Indian currency. Section 8(2) also was not attracted because there was no unauthorised conversion between Indian currency and foreign currency at an impermissible rate. In the absence of proof of dealing in foreign exchange or an unauthorised conversion transaction, the penalty could not stand. Case-Laws FEMA Thu, 30 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791005