2004 (9) TMI 717 - AT - FEMA

Summary

The Appellate Tribunal for Foreign Exchange in New Delhi overturned a penalty of Rs. 18,10,000 imposed on the appellant for violating the Foreign Exchange Regulation Act, 1973. The appellant had deposited Rs. 1,81,000 as pre-deposit. The Tribunal found that the appellant did not receive the necessary communications due to incorrect address, and remanded the case for fresh adjudication. The pre-deposited amount should be refunded, and the matter must be resolved within 90 days.