Copper Scrap Import Goes Awry: Empty Containers, Lost Remittance, Penalties Reconsidered.

Appellants imported copper scrap through high seas sale but containers were found empty. Remittance made without receiving goods. AT held contravention of Section 10(6) of FEMA. Penalty on appellant Madhusudan Jhanwar set aside as he wasn't responsible for business conduct. Penalty on appellant Rajesh Jhanwar reduced to 25% as he made efforts to recover amount though not serious. Order partially modified. .....

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