2008 (10) TMI 524

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....llant. Shri S.S. Katiyar, DR, for the Respondent. [Order per : Jyoti Balasundaram, Vice-President]. -  A penalty of Rs. 1,50,000/- was imposed on the appellants herein who are a Full Fledged Money Changer, on the ground that they indirectly abetted one Shri Ravindranath Bollineni, Director of M/s. Travel Club, an other FFMC in acquiring and attempting to illegally export foreign exch....

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....re is no evidence to show that they were aware that the foreign exchange released by them would form part of an attempt of unauthorized export. The Commissioner has held that if the appellants had functioned with due care and diligence, the issue of Traveller Cheques without observing the RBI guidelines would not have taken place and therefore, Smt. Laxmi Reddy and M/s. Trade Wings have indirectly....