2011 (1) TMI 1236

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..... rperson, Appellate Tribunal for Foreign Exchange : 2. This appeal is preferred by the Appellant, Shri Sham B. Bhatia, Director of M/s. Lan Eseda Industries Ltd. challenging the order dated 28-10-1993 passed by the Deputy Director, Enforcement Directorate, Mumbai in case No. ADJ/223-B/DD/RAJ/93 whereby the Deputy Director has imposed a penalty of Rs. 12,000/- (Rupees twelve thousand only) on the .....

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..... thin 90 days from the date of return. 3. The Directorate of Enforcement after adjudication found that a Notification No. FERA/73/88-RB, dated 27-2-1988 was issued which provides that unutilized foreign exchange can be surrendered by person within 90 days from the date on which he comes to know that such foreign exchange cannot be used. Thus, according to the Directorate of Enforcement, the appel .....

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