2008 (9) TMI 1046

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....nd remitted in contravention of section 8(3) r/w section 8(4) and r/w section 68 of FER Act, 1973. 3. This is appeal of 1999. The appellants have not taken any step to prosecute these appeals. However a letter has been received from Shri Harish Mehta, advocate for the appellants requesting this tribunal to dispose of these appeals on merits on the ground and reasons stated in the memo of appeals. As per the provisions of section 19(5) of FEMA 1999 an appeal is required to be disposed of within 180 days. Keeping in view the above provision as well the request of Shri Harish Mehta Ld. advocate for the appellants these appeals are taken up for find disposal on merit after granting full dispensation. 4. Heard Shri AC. Singh, DLA and peruse th....

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.... the provisions of section 8(3) and 8(4) of FER Act, 1973 which runs as under : "8. Restriction on dealing in foreign exchange - (1) Except with the previous general or special permission of RBI (2) ... (3) .... Where any foreign exchange is acquired by any person, other than an authorized dealer or a money-changer, for any particular purpose, or where any person has been permitted conditionally to acquire foreign exchange, the said person shall not use the foreign exchange so acquired otherwise than for that purpose or, as the case may be, fail to comply with any condition to which the permission granted to him is subject, and where any foreign exchange so acquired cannot be so used or the conditions cannot be complied with th....