The appellate tribunal allowed the appeal filed by M/s Duggal ...

Forex company's appeal allowed, currency released; individual penalized for selling dollars at premium.

Case Laws FEMA

September 19, 2024

The appellate tribunal allowed the appeal filed by M/s Duggal Forex Pvt Ltd, finding no contravention on their part as the foreign currency found in their premises was duly accounted for. The tribunal directed the release of the seized Indian and foreign currency from their premises. However, the appeal filed by Sumesh Duggal was dismissed as evidence showed he sold US dollars at a premium rate to officials of the Nigerian High Commission, which constituted a violation. Sumesh Duggal had already deposited the penalty of Rs. 5,00,000/- and was not liable to pay any additional amount.

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The appellate tribunal allowed the appeal filed by M/s Duggal ...

Forex company's appeal allowed, currency released; individual penalized for selling dollars at premium.

Case Laws FEMA

September 19, 2024

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