1995 (12) TMI 430

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....Adjudication Order No. 275/ADJ/94-AD(P) dated 28-10-1994 under which a penalty of Rs. 5,000 has been imposed on the appellant for contravention of section 8(1) of the Foreign Exchange Regulation Act, 1973 ('the Act') on the allegation that the appellant being a person resident in India acquired foreign exchange of US $5,000 and HK $550 from a person other than an authorised dealer without the prev....

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....ellant and the recovery of foreign currency. The document at Sl. No. 2 is the seizure memo. In support of the charge is the statement given by the appellant on 8-4-1994 under section 40 of the Act, which is the document at Sl. No. 3, and, the appellant's letter of 2-5-1994 which is the document Sl. No. 4. In both the documents at Sl. Nos. 3 and 4 of the annexure to the SCN, the appellant had speci....

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....re foreign exchange, particularly, in view of the fact, which was also conveyed to the department under the appellant's letter of 2-5-1994, that the appellant's son had sent and is holding in his NRE account all the amounts equivalent to about 5 lakh dollars in fixed deposits. Shri Rana also submitted that the sole reason given by the learned Assistant Director in finding the appellant guilty of c....