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TMI Blog2005 (9) TMI 704X X X X Extracts X X X X X X X X Extracts X X X X ..... pectively against two persons i.e. (1) Kanta S. Jethwani and (2) Deepak Bhatia for contravention of the provisions of section 3(a) and section 4 of the Foreign Exchange Management Act, 1999 on the reasons that Smt. Kanta S. Jethwani transferred the possession of foreign currency of US $ 6000 to Deepak Bhatia Learned counsel Shri G.V. Rao representing the respondent has filed written submissions which are taken, on record. 2. This revision petition has been filed on 18-12-2003 under the provisions of section 19(6) of the Foreign Exchange Regulation Act, 1973 where this Tribunal is empowered to examine the legality, propriety and correctness of any adjudication order when the adjudication order is dated 29-1-2003. The period between these two ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to find support from the legislative scheme of the parliamentary enactment namely Economic Offences (Inapplicability of Limitation) Act, 1974. On the opposite learned counsel Shri G.V. Rao pleaded with vehemence that limitation of 45 days is available under section 19 of Foreign Exchange Management Act, 1999 and it has to be applied strictly to this revision petition where no application of condonation of delay is filed. 4. Admittedly the time prescribed for filing of an appeal in Foreign Exchange Management Act, 1999 is 45 days. Though there is no limitation period prescribed for filing revision petition, but it has to be filed within a reasonable time. Otherwise delay which demonstrates acquiescence or waiver is required to be explained. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sub veriunt. The law helps those who are watchful and do not sleep over their rights. Though no statutory time-limit is prescribed for availing of remedy of revision but that does not permit the petitioner to file revision after expiry of reasonable period whereby equity is defeated. The delay is required to be explained. Any negligent omission in assertion of right is likely to cause prejudice to the adverse party. This is named as latches which flows from acquiescence and waiver. 6. It is well known that even in writ jurisdiction for enforcement of fundamental rights where no limitation period is prescribed and such enforcement itself is a fundamental right but the Supreme Court has time and again held that writ petition should not be ent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to Shri Sanjay Jethwani was brought by his wife Smt. Kanta Jethwani. Ultimately the same was handed over to Shri Deepak Bhatia for carrying it for payment of duty in relation to the business of said Shri Sanjay Jethwani. There is no evidence of dealing in or transfer of any foreign exchange to show contravention of section 3 of FEMA, 1999. As regards Shri Deepak Bhatia who carried the foreign exchange for payment of duty it cannot be said that he had acquired it as the difference between the acquisition and possession in simplicitor is established here. 9. In the instant case the content and text of the revision petition nowhere has stated that serious illegality or grave injustice has occurred while passing the adjudication order. Neith ..... X X X X Extracts X X X X X X X X Extracts X X X X
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