The Appellate Tribunal (AT) upheld the Adjudicating Authority's ...

Forex violations by individual: Penalties reduced, some charges dropped, seized currencies released.

Case Laws FEMA

September 19, 2024

The Appellate Tribunal (AT) upheld the Adjudicating Authority's finding that the Appellant contravened Section 3(a) of FEMA for an amount of US$ 99,770, and Sections 3(a) & 3(d) for amounts US$ 5,95,738.4 and RMB 5,78,079.8. However, it set aside the contravention charge for US$ 16,000 based on the Appellant's statement. The AT ordered the release of the seized foreign currency and Indian currency of Rs. 9.29 Lakh, which was not confiscated. It reduced the consolidated penalty imposed on the Appellant for the contraventions to Rs. 15,00,000/- from the disproportionately higher amount, finding it reasonable. The AT directed the principles of natural justice were not violated as the Appellant's cross-examination request was not sustainable under FEMA provisions.

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The Appellate Tribunal (AT) upheld the Adjudicating Authority's ...

Forex violations by individual: Penalties reduced, some charges dropped, seized currencies released.

Case Laws FEMA

September 19, 2024

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