Insufficient Evidence Leads to Overturning Penalty in Alleged FERA Violation Over UK Property Purchase.

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....This case pertains to penalties imposed for alleged violation of the Foreign Exchange Regulation Act (FERA), 1973. The respondent claimed the appellant transferred 70,000 pounds to purchase a house in the UK, contravening FERA provisions. The appellant retracted his initial statement implicating the transfer, attributing it to a dispute with his sister and brother-in-law. The key points are: the respondent failed to substantiate the transfer of 70,000 pounds; the retraction was prompt; the brother-in-law's statement lacked specificity; no documentary evidence of property transfer existed; the brother-in-law's affidavit claimed ownership of the house; and the appellant's father's statement was hearsay. Consequently, the Appellate Tribunal he.........