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TMI Blog2013 (11) TMI 759X X X X Extracts X X X X X X X X Extracts X X X X ..... on, if any, for the alleged breach under Foreign Exchange Regulation Act, 1973 (hereinafter referred to as 'FERA') could be taken within a period of two years, which has, in any case, expired on 1.6.2002, whereas the memorandum of the show-cause notice is on 26.7.2005. Even if the receipt of the report for the first time by the Assistant Director to the Special Director is considered, the same was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed and, therefore, the Tribunal has quashed the show-cause notice and the impugned order therein. 2. Heard Mr.Champaneri, learned Assistant Solicitor General for the appellant. 3. As Such, we are of the view that the order of the Tribunal is self-explanatory and the reasons mentioned in the impugned order to the effect that the action, if any, for the alleged breach under Foreign Exchange Regu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stant Solicitor General attempted to contend that by virtue of Section 49(5)(1) of FERA any action taken to the extent of provisions not consistent with FERA is saved and, therefore, he submitted that the proceedings could be initiated under FERA for the alleged breach of FERA since, in his submission, export policy and the relevant provisions as existed in FERA are the same or at par with the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the alleged breach was during the period when FERA was in force, the case would be covered under Section 49(3) of the Act and not under Section 49(5) of the Act, as sought to be canvassed. 7. In view of the aforesaid, we find that no substantial question of law arises for consideration, nor can it be said that the order passed by the Tribunal calls for any interference. Hence, all the appeals a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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