2000 (2) TMI 887

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..... 25,000 has been imposed on the appellant for contravention of section 9(1)(b) of the Foreign Exchange Regulation Act, ( the Act ) 1973. The amount of penalty has been recovered from out of the seized amount of Rs. 1 lakh and the remaining amount has been ordered to be released to the appellant. 2. The appellant has come up in appeal against the penalty of Rs. 25,000 on the ground that the quantum .....

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..... I have perused the impugned order as well as the memorandum of appeal. The facts stated in the impugned order, particularly the back-ground of the appellant s employment and business and the manner in which the appellant has discharged his obligation towards his family - the education and marriage of his children - have not been disputed. Having regard to those facts it cannot be accepted that th .....

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