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TMI Blog2019 (1) TMI 190X X X X Extracts X X X X X X X X Extracts X X X X ..... vailable. From the RBI’s letter dated 18.11.2002, it is apparent that the RBI was seized of the matter and had not rejected their case. It would be in the fitness of things to have consulted the RBI before the impugned order was passed more so because the genesis of the case was an information received from the RBI. The matter is remanded back to the original authority to get the necessary resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oval of RBI was required for transfer of technology in excess of USD 1,00,000. As per the terms of the contract they had to effect 15 per cent advance payment which was effected by them through HSBC Bank, Kasturba Gandhi Marg, New Delhi. They also obtained bank guarantees from the parties. Subsequently as the supply of equipment was delayed, the bank guarantees were extended from time to time b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under FEMA which has enhanced the limit of USD 1,00,000 to USD 10,00,000 and relied on the judgment of the Supreme Court in the case of Suchitra Components Ltd. v. Commissioner of Central Excise, Guntur wherein it was held that a beneficial circular has to be applied retrospectively. In reply, the respondent relied on para 24 of the impugned order stating that the RBI s directions was that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,07,625 has been sent out of India on 10.02.2001 without any RBI approval for the same. I have examined the documents on records as well as heard the parties. The whole case hinges on the RBI s approval for the excess amount not being available. From the RBI s letter dated 18.11.2002, it is apparent that the RBI was seized of the matter and had not rejected their case. It would be in the fit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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