2003 (5) TMI 539 - AT - FEMA

Summary

The Appellate Tribunal upheld the penalty of Rs. 2.5 lakhs imposed on the appellant and ordered confiscation of Rs. 1 lakh from the seized amount of Rs. 7 lakhs. The remaining balance of Rs. 3,50,000 was to be refunded to the appellant within 6 months. The appellant was intercepted with Indian currency and incriminating documents related to hawala transactions. Despite a retraction letter, the Tribunal found no infirmity in the order.