2003 (5) TMI 540 - AT - FEMA

Summary

The Appellate Tribunal upheld the penalty of Rs. 10,000 for contravention of FERA, 1973 but reduced the confiscated amount to Rs. 1 lakh, ordering the return of Rs. 3,90,000 to the appellant within 6 months. The appellant's retracted confession was not considered valid as it did not allege coercion. The Tribunal referred to a Supreme Court decision regarding admissibility of evidence provided by a co-accused.