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TMI Blog2008 (9) TMI 1045X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 8(1) of the Foreign Exchange Regulation Act, 1973 for having sold foreign exchange to the tune of U.S. $7,000 to U.S. $8,000 to Arun Kumar without the permission of Reserve Bank of India. The interim stay was granted by this Tribunal vide its order dated 4-8-1999 where presently, this appeal is taken up for final disposal on merits. 3. I have heard elaborate arguments from Shri R.K. Handoo, advocate on behalf of the appellant and Shri A.C. Singh, DLA for the respondent and gone through the record and relevant law carefully. The appellant has been charged for selling U.S. $7,000 to U.S. $8,000 to Arun Kumar in contravention of the provisions of section 8(1) of the Foreign Exchange Regulation Act, 1973. Arun Kumar was examined by the off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The ingredients of section 8(1) were not proved for want of evidence and the impugned order was liable to be set aside. 6. It will be appropriate here to mention the provisions of section 8(1) of the FER Act, 1973 for better appreciation of the legal position which provide as under : 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, purchase or otherwise acquire or borrow from, or sell, or otherwise transfer or lend to or exchange with, any person not being an authorised dealer, any foreign exchange : Provided that nothing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e retracted confessional statement can become the basis of confession if the Court is satisfied from the evidence that it is voluntary and is proved. The Court would seek assurance getting corroboration from the evidence produced by the prosecution. In the instant case the retracted confessional statement of the appellant is fully corroborated by the documentary as well as attended circumstantial evidence of the case where the appellant has not been able to discharge his burden. 9. The appellant has not denied having sold the foreign exchange to Arun Kumar but he has disputed the amount alleging it to be U.S. $ 70 to 80. However, the confessional statement of the appellant which is fully corroborated by the statement of M.P. Gupta go on to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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