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TMI Blog2009 (12) TMI 1067X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 8(2) of the Foreign Exchange Regulation Act, 1973 for having purchased foreign exchange to the tune of US $2,500 and for having sold the same at rates other than those declared by the Reserve Bank of India without the permission of Reserve Bank of India. The appellant has made payment of the penalty amount. An application is received from the appellant requesting that he was not able to bear the expenses of his travelling from Gujarat to Delhi due to his sickness and to decide the appeal on merits on the basis of material available on record. Presently, this appeal is taken up for final disposal on merits. 2. I have heard elaborate arguments from Shri Jagat Singh, Advocate for the respondent and gone through the record, relevant law and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he impugned order was liable to be set aside because the adjudicating authority erred in not considering the fact that his statement was recorded under threat and coercion. There was no corroborative evidence against the appellant and the impugned order was liable to be set aside. 4. Here it will be appropriate to mention section 8 of the Foreign Exchange Regulation Act, 1973 imposing certain restrictions on dealing in foreign exchange which are provided as under : Section 8. Restrictions on dealing in foreign exchange. (1) Except with the previous general or special permission of the Reserve Bank, no person other than an authorised dealer shall in India, and no person resident in India other than an authorised dealer shall outside India, p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hird week of September, 1990 for sale which was also sold to Vasudev Shankarlal Bhambhani. He did the same work for sake of friendship. Vasudev Shankarlal Bhambhani in his statement recorded under section 40 of the FER Act on 4-10-1990 admit- ted that he was doing business of dealing in foreign exchange for which he was having no licence of RBI. He was collecting foreign exchange from various persons in Nadiad, Anand and other adjoining places and there-after selling it off at Mumbai. 7. However, the appellant retracted his confessional statement but the burden of proving the fact that the statement was recorded under threat and coercion was on the appellant himself which he has not been able to discharge for want of evidence. It has been o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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