https://www.taxtmi.com/caselaws?id=799820 Rule 4(3) of the Foreign Exchange Management (Adjudication Proceedings and Appeal) Rules, 2000 requires the Adjudicating Authority to form and record a reasoned opinion on whether an inquiry is warranted after considering the show-cause reply, and to communicate any adverse opinion and reasons before personal hearing. Failure to follow this mandatory preliminary procedure invalidates the adjudication. Borrower eligibility for external commercial borrowings must also be determined after considering all material regulatory circulars, including the applicable earlier circular. Where relevant regulatory material is ignored, eligibility requires fresh determination after both sides receive due opportunity. en-us Wed, 23 Sep 2026 00:00:00 +0530 Mon, 28 Sep 2026 08:12:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799820 Rule 4(3) of the Foreign Exchange Management (Adjudication Proceedings and Appeal) Rules, 2000 requires the Adjudicating Authority to form and record a reasoned opinion on whether an inquiry is warranted after considering the show-cause reply, and to communicate any adverse opinion and reasons before personal hearing. Failure to follow this mandatory preliminary procedure invalidates the adjudication. Borrower eligibility for external commercial borrowings must also be determined after considering all material regulatory circulars, including the applicable earlier circular. Where relevant regulatory material is ignored, eligibility requires fresh determination after both sides receive due opportunity. Case-Laws FEMA Wed, 23 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799820