2003 (9) TMI 830 - AT - FEMA

Summary

The Appellate Tribunal for Foreign Exchange in New Delhi set aside an Adjudication Order imposing a penalty of Rs. 15 lakhs on the Appellant firm for contravening sections 8(3) and 8(4) of the Foreign Exchange Regulation Act, 1973. The matter was remanded back to the Adjudicating Officer for fresh adjudication after notice to the Appellants, who must furnish necessary evidence within six months.