1996 (2) TMI 366

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....pondent. JUDGMENT Abdul Hadi, J. - Against the order of the Foreign Exchange Regulation Appellate Board, confirming the order of the first authority, levying penalty of Rs. 10,000 on the appellant for contravention of section 9(1)(a) of the Foreign Exchange Regulation Act, 1973 (hereinafter referred to as "the Act"), this appeal has been filed by the appellant under section 54 of the Act. ....

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.... All that learned counsel for the appellant submits is that the abovesaid savings bank account is a joint account not only in the name of Abdul Hameed, but also in the name of his wife and son, who are admittedly residents in India, and that the department has not established that the abovesaid bank account was that of a non-resident in India. He also sought to rely on paragraph 9 of Chapter 27 of....

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....is certainly established. No doubt, learned counsel for the appellant also argues that this is only a technical violation, since, according to him, there is no loss of foreign exchange to the country. But, learned counsel for the respondent rightly points out that instead of bringing the goods from Singapore (no doubt after paying the customs duty), selling them here and realising the sale proc....