Foreign currency dealings penalized under FERA sections 8(1), 8(2).

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....Appellants penalized u/ss 8(1) and 8(2) of FERA for unauthorized dealing in foreign currency. Foreign currency recovered from appellants' premises. AT upheld contravention but reduced penalty from Rs. 80 lakhs to Rs. 8 lakhs each, considering excessive amount despite involvement in unauthorized forex transactions.....