1984 (7) TMI 412

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.... India (RBI) for maintaining such accounts abroad and thereby contravened the provisions of section 14 of the Foreign Exchange Regulation Act, 1973 ('the Act') read with the Central Government. Notifications referred to therein. Memorandum No. T-4/696/Mas/Ban/ 82(SCN-IV) was issued to the appellant by the Department alleging that he failed to surrender the foreign exchange mentioned therein which he brought from abroad within the prescribed period and thereby contravened the provisions of section 14 of the Act. It was also alleged that he had defaulted to surrender the foreign exchange brought by him from abroad to an authorized dealer within the period prescribed and he was called upon to explain why the foreign exchange brought by him sho....

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....duct on the part of the appellant is involved but there is no denying that he has contravened the provisions of the Act. I, therefore, confirm the finding of the Assessing Officer that the charges are established. 4. The appellant pleads for reduction of penalties on the ground that they are excessive. Taking an overall view of the matter, I find it difficult to accept the submission that the penalties imposed on the appellant are unreasonable. However, in view of the bona fides of the appellant, I consider this to be a fit case for imposing a consolidated penalty of Rs. 5,000 in respect of all charges instead of imposing penalty of Rs. 5,000 in respect of SCNs I to III and Rs. 500 in respect of SCN-IV. The penalties are reduced accordin....