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Issues:
Violation of provisions of section 8(1) of the Foreign Exchange Regulation Act, 1973 by selling foreign exchange without permission. Analysis: The appeal was filed against an Adjudication Order imposing a penalty for contravention of section 8(1) of the Foreign Exchange Regulation Act, 1973. The appellant, B.D. Gupta, was charged with selling foreign exchange to Arun Kumar without the permission of the Reserve Bank of India. The appellant admitted to selling U.S. $7,000 to $8,000 to Arun Kumar under instruction from M.P. Gupta. Both Arun Kumar and M.P. Gupta corroborated this in their statements. The appellant argued that his confession was made under coercion to avoid arrest and lacked corroboration. However, the tribunal found the confession to be voluntary and supported by evidence, leading to the appellant being held guilty by the Adjudicating Officer. The legal position under section 8(1) of the FER Act, 1973 was discussed. The appellant's guilt was established through his confession and corroborating statements. The burden of proving coercion in the confession lay with the appellant, which he failed to discharge. The tribunal cited precedents to emphasize that retracted confessions can be accepted if proven voluntary and supported by evidence, which was the case here. The appellant's denial of the exact amount of foreign exchange sold was refuted by the confession and corroborating evidence, leading to the confirmation of charges against him. Regarding the quantum of penalty, the appellant's financial and health conditions were considered. Being a senior citizen with no income source and suffering from critical ailments, the tribunal reduced the penalty from Rs. 50,000 to Rs. 30,000 to achieve justice. The appellant was directed to pay the reduced penalty within 15 days. The appeal was partly allowed, and failure to pay the penalty would result in recovery by the respondent in accordance with the law.
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