1999 (8) TMI 1025

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....ppeal is directed against Adjudication Order No. DD/MAS/5-6/95, dated 30-1-1995 under which a penalty of Rs. 50,000 has been imposed on the appellant for contravention of section 9(1)(b) and 9(1)(d) of the Foreign Exchange Regulation Act, 1973. The allegation against the appellant is that during the period August 1989/1990, the appellant received a total amount of Rs. 4,70,000 from her husband P. ....

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....elp her friends and she did not make any money by making the payments. He also stated that except for the period in question, the appellant had not received any money from her husband except prescribed by law. 3. Pleading for reduction of the penalty, Shri Rao referred to the submissions made in the waiver application. He submitted that the appellant had since retired and it was with great diff....

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....ri Nim, CEO, for the respondent, submitted that since the appellant has accepted the finding of contravention, he has nothing further to say on the question of quantum of penalty which is essentially a matter of discretion of the adjudicating authority or of this Board. 5. The appellant is stated to have deposited a sum of Rs. 10,000. After hearing the parties, I waived per-deposit of the balan....