1998 (1) TMI 539

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..... 0 of 1997, dated 29-5-1997 and AD/RR/Hyd./49 of 1997, dated 29-5-1997. A penalty of Rs. 1,000 has been imposed on the appellant for contravention of section 8(1) of the Foreign Exchange Regulation Act, 1973 ('the Act') for having purchased foreign currency of US $1,100 in contravention of that section. In Appeal No. 288 of 1997 penalty of Rs. 5,000 has been imposed for contravention of sec .....

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..... by this common order. 3. As regards Appeal No. 287 of 1997, it is seen from a perusal of the impugned order that the findings against the appellant are based on the so called punch-cum-confessional statement of the appellant's son from whom the foreign currency of US $1,100 was recovered and seized. This amount has since been confiscated and a penalty of Rs. 1,000 has been imposed on the appe .....

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..... t disputed the recovery of Saudi Rivals 5,500 from him. The explanation put forth by him that the said foreign currency was left in his custody by his relative Syed Ahmed while returning to Saudi Arabia, cannot be accepted without any evidence to that effect. It is not even a plausible explanation because it does not stand to reason as to why the said Syed Ahmed would leave the foreign currency wi .....

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