1999 (10) TMI 769 - AT - FEMA

Summary

The appeal was against a penalty imposed for contravention of section 18(2) of the Foreign Exchange Regulation Act, 1973. The appellant's waiver petition was granted as the outstanding amounts from exports were realized. The Adjudicating Officer found that all outstanding amounts had been realized, so the penalty was set aside. The appeal was allowed, and the impugned order was set aside.