2000 (2) TMI 887 - AT - FEMA

Summary

The appeal was against a penalty of Rs. 25,000 imposed for contravention of the Foreign Exchange Regulation Act. The appellant argued that the penalty was too high and caused hardship. The Tribunal upheld the penalty, stating the appellant had means to pay and had not shown a deterioration in financial condition since the penalty was imposed in 1989. The appeal was dismissed.