https://www.taxtmi.com/news?id=73927 Foreign exchange transfer for the 2009 South Africa cricket tournament was examined under the Foreign Exchange Management Act after funds were moved to an overseas entity without prior Reserve Bank approval. The appellate tribunal set aside the penalty imposed on Lalit Modi, finding no material establishing that he was in charge of the relevant affairs or personally responsible for the alleged contravention. Liability for a foreign-exchange contravention must rest on evidence connecting the person proceeded against with responsibility for the impugned transaction. en-us Tue, 21 Jul 2026 23:01:04 +0530 Tue, 21 Jul 2026 23:01:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=73927 Foreign exchange transfer for the 2009 South Africa cricket tournament was examined under the Foreign Exchange Management Act after funds were moved to an overseas entity without prior Reserve Bank approval. The appellate tribunal set aside the penalty imposed on Lalit Modi, finding no material establishing that he was in charge of the relevant affairs or personally responsible for the alleged contravention. Liability for a foreign-exchange contravention must rest on evidence connecting the person proceeded against with responsibility for the impugned transaction. News - Tue, 21 Jul 2026 23:01:04 +0530 https://www.taxtmi.com/news?id=73927