2009 (9) TMI 1084

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....g order is delivered by Km. Vijay Laxmi, Member, Appellate Tribunal for Foreign Exchange : 2. These appeals have been filed against the common Adjudication No. Adj/237/AD/DRS/B/93 dated 30.7.93 passed by Assistant Director, Enforcement Directorate. Mumbai imposing penalty of Rs. 10,000/- (Rupees ten thousand only) against the appellant Co., M/s. S.G.S. Films Pvt. Ltd. and Rs. 1,000/- each again....

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....son, resident outside India without the permission of RBI. The appellants denied from the charges. It is submitted in the Memo of Appeal that Shri Gurucharan Chawla was a non-resident of India during the relevant time. It is also submitted that no foreign exchange was involved in the transaction and it was a financial transaction between the firm producer and film financer in India in local curren....

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....hrough the record and relevant law carefully. It is not disputed in this case that the appellants placed an amount of Rs. 95,000 - in their accounts to the credit of Gurcharan Chawla when he was a person resident outside India. It is contended that the amount was taken as a loan from Gurcharan Chawla. Section 9(1)(e) clearly prohibits placing of any sum to the credit of a non-resident person witho....

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....pellants have utterly failed to discharge their burden, and the evidence on record go on to prove the charges against the appellants, It is well-known that the regulatory mechanism has been provided under FER Act to protect the community from economic offences. "An economic offence is committed with cool calculation and deliberate design with an eye on personal profit regardless of the consequence....