Appellate Tribunal set aside penalties imposed on licensed money ...

Licensed money exchanger's penalties for alleged illegal currency export/gold import set aside due to lack of evidence. Exchanging currency sans invoice violated license, not law.

Case Laws Customs

August 5, 2024

Appellate Tribunal set aside penalties imposed on licensed money exchanger for alleged illegal export of currency and import of gold. Observed no evidence of illegal exports/imports or violation of Customs Act. Held exchanging currency without invoice, though violating license conditions, cannot be termed illegal export/import. Penalties wrongly imposed under Customs Act Sections 114, 114AA, 117 and FEMA Act Section 13 without mentioning reasons. Appeal allowed.

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Appellate Tribunal set aside penalties imposed on licensed money ...

Licensed money exchanger's penalties for alleged illegal currency export/gold import set aside due to lack of evidence. Exchanging currency sans invoice violated license, not law.

Case Laws Customs

August 5, 2024

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