2006 (5) TMI 288

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..... replied that he was carrying U.S.$ 25,000/- in his checked-in baggage. Not satisfied with his answer he was taken to the AIU room along with baggage. On the checking of baggage it was found that the appellant was carrying U.S.$ 50,000 in travellers cheques, and Rs. 10,000/- Indian currency in cash. The appellant was not able to produce any permission granted by the Reserve Bank of India for carrying such a huge amount of foreign exchange in form of traveller s cheques. Show cause notice was issued to the appellant, the Directors and Finance Manager of M/s. Dinmay Exim Avenue (P) Ltd., Kolkata. The adjudicating authority in his Order-in-Original came to the conclusion that the appellant has violated the provisions of Section 77 of the Cust .....

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..... ion of the Reserve Bank of India to carry foreign exchange of more than U.S.$ 25000. 5. Considered the submissions made by learned D.R. and perused the record. I find that the Customs officers at Kolkata recorded the statements of the Directors and the Finance Manager of M/s. Dinmay Exim Avenue (P) Ltd. who in their statements have submitted that they had, in fact, applied for the foreign exchange of U.S.$ 25,000 each on two occasions in the name of the appellant. But it is not forthcoming from the record whether there was clearance taken by the company from the R.B.I., as required under Section 5 of FEMA. In the absence of any such permission from R.B.I., for the release of foreign exchange, (beyond the amount of U.S.$ 25,000 carrying th .....

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..... nd Bengali and cannot communicate in English etc. and the statement in English does not truly represent his version. However, it is seen that his statement was recorded in his own hand in English. Further, contrary to the contention that he is a simple employee of the company and acted as a mere carrier of the Travellers Cheques, the reply filed by Shri D.C. Rawat, Managing Director of the company dated 16-5-2004 clearly shows that Shri Faiyaz was to execute various functions during his overseas tour. He was to negotiate deals with buyers and sellers in the course of the business travel and also get the product examined and checked and reimburse pre-incorporation expenses incurred for opening the office at Colombo by the company s Deputy. .....

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