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Rojer Mathew Vs. South Indian Bank Ltd and Ors Chief Manager

Court : Supreme Court of India

..... the foreign exchange management act 1999 ix. ..... notwithstanding anything contained in this act, the qualifications, appointment, term of office, salaries and allowances, resignation and removal and other terms and conditions of service of the presiding officer of the industrial tribunal appointed by the central government under sub-section (1) of section 7a, shall, after the commencement of part xiv of chapter vi of the finance act, 2017, be governed by the provisions of section 184 of that act: provided that the presiding officer appointed before the commencement of part xiv of chapter vi of the finance act, 2017, shall continue to be governed by the ..... provisions of this act, and the rules made thereunder .....

Suborno Bose Vs. Appellate Tribunal for Foreign Exchange and ors.

Court : Kolkata

Reported in : [2009]150CompCas113(Cal),[2008]88SCL23(Cal)

..... -in these regulations, unless the context requires otherwise,-(a) 'act' means the foreign exchange management act, 1999 (42 of 1999);(b) 'authorised dealer' means a person authorised as an authorised dealer under sub-section 1 of section 10 of the act;(c) 'foreign exchange due' means the amount which a person has a right to receive or claim in foreign exchange;(d) 'surrender' means the selling of foreign exchange to an authorised person in india in exchange of rupees;(e) the words and expressions used but not defined in these regulations shall have the same meanings respectively assigned to them in the act.3. ..... said regulation is set out hereunder:the foreign exchange management (realisation, repatriation and surrender of foreign exchange) regulations, 2000:in exercise of the powers conferred by section 8, sub-section 10, clause c of sub-section 2 of section 47 of the foreign exchange management act, 1999 (42 of 1999), the reserve bank makes the following regulations relating to the manner of, and the period1. ..... 10 lacs against the appellant managing director for contravention of section 10(6) of foreign exchange management act, 1999 (hereinafter referred to as 'the said act') on the ground that the appellants after taking remittances of foreign exchange of us dollars 35766 and frf 374000 on 18th april, 2000 and 19th june, 2000 respectively for import of refrigeration machinery so as to use the same in hotel industry in fact failed to do so and also failed to file the proofs .....

KA. Manshoor Vs. Assistant Director, Enforcement Directorate, Governme ...

Court : Chennai

Reported in : [2010]97SCL167(Mad)

..... the short question that arises for consideration is whether the summons issued by the respondent under section 37 of the foreign exchange management act, 1999 (for short 'fema') should be interdicted by this court on the ground that there was no application of mind and the documents sought for would amount to a roving enquiry by the directorate.3. ..... the summon issued reads as follows:whereas your attendance is required in connection with the proceedings under the foreign exchange management act, 1999, in your case, you are hereby required to personally attend before me at the above address, on the 23rd day of january 2009 at 11.00 a.m. ..... report in 1994 recommending substantial changes in the existing act.significant developments have taken place since 1993 such as substantial increase in our foreign exchange reserves, growth in foreign trade, rationalisation of tariffs, current account convertibility, liberalisation of indian investments abroad, increased access to external commercial borrowings by indian corporates and participation of foreign institutional investors in our stock markets.keeping in view the changed environment, the central government has decided to introduce the foreign exchange management bill and repeal the foreign exchange regulation act, 1973. ..... therefore, the entire face of the act has completely been overhauled and the concept of the offence has been removed and replaced only by penalty with a two-tier appellate system. .....

S.K. Sinha, Chief Enforcement Officer Vs. Videocon International Ltd. ...

Court : Supreme Court of India

Reported in : AIR2008SC1213; 2008(2)ALT(Cri)279; [2009]148CompCas261(SC); 2008CriLJ1636; [2008(3)JCR56(SC)]; JT2008(2)SC8; RLW2008(3)SC2147; 2008(2)SCALE23; (2008)2SCC492; [2008]81SCL507; 2008AIRSCW1203; 2008CriLJ1636; 2008(1)Crimes315; 2008(2)AICLR126; 2008(2)LH(SC)860

..... in pursuance of the summons issued under section 40 of the foreign exchange regulation act, 1973 (hereinafter referred to as 'fera'), raj kumar dhoot, director of the company appeared before the department on april 25, 1999 and made a statement that there was an agreement between the company and m/s radio export, moscow for supply of two lakh television sets and other equipments for rs. ..... on june 1, 2000, fera was replaced by the foreign exchange management act, 1999 (hereinafter referred to as 'fema').4. ..... 19,00,00,000/- in foreign exchange. ..... the day when complaint was filed which was well within the period of limitation provided by section 49(3) of fema and as such the criminal court was within its power in issuing process and in proceeding with the matter and the high court was not justified in quashing the proceedings on the ground that cognizance was taken by the court on february 3, 2003 when process was issued by the chief metropolitan magistrate, mumbai. ..... issue summons to accused under section 18(2)(3) of fera, 73 read with central notification and r/w section 68(1) of the said act and r/w 56(1)(i) and r/w section 49(3)(4) of fema, 1999. ..... based on the information forwarded by the directorate of revenue intelligence, bombay, the appellant addressed two letters to the chief manager of indian bank, nariman point, bombay requesting the bank to supply details of the export outstanding of the company. .....

Rajshree Sugars and Chemicals Limited Rep. by Its Director and Chief O ...

Court : Chennai

Reported in : 2008BusLR908; 2009(1)CTC227; (2008)8MLJ261

..... following the above amendment to the securities contracts (regulation) act, with effect from 22.2.2000, the reserve bank of india notified certain regulations known as 'foreign exchange management (foreign exchange derivative contracts) regulations, 2000', in exercise of the powers conferred under section 47(2)(h) of the foreign exchange management act, 1999. ..... after sweeping reforms and glasnost (opening up) in the financial sector, the foreign exchange (regulation) act, 1973, was replaced by the foreign exchange management act, 1999. ..... moreover, schedule-i to the 'foreign exchange management (foreign exchange derivative contracts) regulations, 2000 imposes certain conditions, three of which are important for our purpose and they are as follows:(a) the authorised dealer through verification of documentary evidence is satisfied about the genuineness of the underlying exposure. ..... both before and after the enactment of the reserve bank of india (amendment) act, 2006, the reserve bank was issuing master circulars on 'risk management and inter bank dealings', in exercise of the power conferred under the foreign exchange regulation act,1973 and later under the foreign exchange management act, 1999 and the regulations issued thereunder. .....

Shri S. Radhakrishnan and ors. Vs. Commissioner of Customs

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Tamil Nadu

Reported in : (2007)(212)ELT436Tri(Chennai)

..... therefore, contravention of provisions of section 11 of the customs act, 1962 read with section 3(3) of foreign trade (development and regulations) act, 1992 (ftdra) and section 3 of the foreign exchange management act, 1999 (fema) were clearly established and therefore travellers cheques seized were liable for confiscation under section 113(d) of the customs act and shri t. ..... in this connection attention of money chargers is drawn to sub-section (5) of section 10 of the foreign exchange management act, 1999 (42 of 1999) which provides that an authorised person shall before undertaking any transaction in foreign exchange on behalf of any person require that person to make such a declaration and to give such information as will reasonably satisfy him that the transaction will not involve and is not designed for the purpose of any contravention or evasion of the provisions of the act or any rule, regulation, notification, direction or order issued thereunder. ..... suresh babu proposing to confiscate the travellers cheques worth us $ 1,05,000 under section 113(d), (e) and (i) of the customs act, 62 (the act) read with foreign exchange management (export and import of currency) regulations, 2000 under foreign exchange management act, 1999 and to impose penalty on each of them under section 114 (i) of the customs act, 1962. .....

Dr. K.M. Prasad and ors. Vs. Union of India (Uoi)

Court : Jharkhand

Reported in : 2003(51)BLJR1313; [2003(3)JCR452(Jhr)]

..... on the basis of the complaint, the opposite party, prayed that the cognizance of the offence punishable under section 56 of the fera, 1973 read with section 49 (3) and (4) of foreign exchange management act, 1999 (fema) be taken against the accused petitioners and they be prosecuted for committing the aforesaid offences.5. ..... the prayer of the petitioners, in this application is for quashing of the order dated 31.5.2002 taking cognizance of the offences punishable under section 56 of the foreign exchange regulation act, 1973, r/w section 49 (3) & (4) of the foreign exchange management act, 1999 as well as the entire criminal proceeding, being complaint case no. ..... the course of the investigation the accused made a confessional statement and as he has committed breach of section 8(1) of the foreign exchange regulation act, he was liable to be prosecuted and convicted.the accused, inter alia, submitted in his original application for quashing that there was no allegations against him, alleged confession was retracted and that the said confession was made under the coercion and pressure of the officers and under the compelling reasons because the accused- appellant had to go to attend .....

Udai Prakash Bhartiya Vs. Deputy Director, Enforcement Directorate and ...

Court : Allahabad

Reported in : 2002(3)AWC2391

..... of the petitioner is that in paragraph 2 of the notice, it has been observed that considering the cause shown by the complainant in his complaint, the authority concerned is satisfied that there is a prima facie contravention of section 4 of foreign exchange management act, 1999, but this could be recorded only after the petitioner was given opportunity of hearing. ..... a first information report showing the recovery of foreign exchange and illegal indian currency from the possession of the petitioner and other custom staff members on duty. ..... the learned counsel for the petitioner is that this show cause notice is not in accordance with the provisions of foreign exchange management (adjudication proceedings and appeal) rules, 2000 (for short 'the rules'). ..... heard sri dilip kumar, learned counsel for the petitioner and sri vivek mathur, additional standing counsel appearing for the ..... this paragraph clearly indicates that it is a notice under sub-rule (1) and the petitioner can submit his reply within thirty days from the date of ..... is a group 'b' officer in the department of customs and central excise, ministry of finance, government of india and is presently posted as superintendent central excise at headquarter, ..... under sub-rule (3), if a reply/explanation is submitted by such person and after considering the cause, if any, shown by such person, if the adjudicating authority is of the opinion that inquiry should be held, he shall issue a notice fixing the date for the appearance of the .....

Prof. Krishnaraj Goswami, Advocate Vs. the Reserve Bank of India Throu ...

Court : Mumbai

Reported in : 2007(6)BomCR565; (2007)109BOMLR1981; [2008]83SCL113(Bom)

..... it is contended on behalf of the petitioner that the said circular is unconstitutional, without jurisdiction and is ultra vires the provisions of foreign exchange management act, 1999 (hereinafter referred to as 'the act') and rules framed thereunder, as no power is vested under section 10(4) and 11(1) of the act which empowers and authorises the reserve bank of india to issue such circulars. ..... the directions in this circular have been issued under sections 10(4) and 11(1) of foreign exchange management act, 1999 (42 of 1999) and is without prejudice to permissions/approvals, if any, required under any other law.yours faithfully,(salim gangadharan)chief general manager-incharge2. ..... a bare reading of these provisions clearly show that the reserve bank of india has the power to issue directions to the authorised persons and this power is wide enough to cover any kind of directions so far it provide for the regulation of the foreign exchange management. ..... similarly, section 11(1) of the act provides that the reserve bank of india may, for the purpose of securing compliance with the provisions of the act and of any rules, regulations and directions made under the provisions of the act, give to the authorised persons any direction in regard to making of payment or the doing or desist from doing of any act relating to foreign exchange or foreign security.5. .....

M/S.Fayshaw Apparels. Vs. Mr.B.P.Byram Shaw Managing Partner of M/S.Fa ...

Court : Chennai

..... it was further submitted that under the proviso to section 19 of foreign exchange management act, discretion has to be exercised judicially and the insistence of pre-deposit of the penalty, which itself was a huge sum would deprive the appellant the statutory right of the appeal, which would cause "undue ..... the appellants have failed to take all reasonable steps to realise and repatriate to india the foreign exchange to the tune of rs,1,13,20,461/- and rs.87,92,412/- and hence they are liable for appropriate action under fema, 1999.3. ..... show cause notices were issued to the appellant firms and their managing director alleging that the appellants failed to prove reasonable steps to realise the outstanding export proceeds in respect of 10 gr forms involving amount of rs.1,13,20,461/- and rs.87,92,412/- in contravention of the provisions of sections 7 and 8 of fema, 1999 read with section 9 and 13(i)(ii) of foreign exchange management (export of service) regulation, 2000 (in short, ..... and further penalty of rs.10,00,000/- on the managing director and by other order no.sde/sks/iv/1/2010, imposed a penalty of rs.50,00,000/- on the firm m/s.fayshaw apparels and further penalty of rs.10,00,000/- on the managing partner in terms of section 13 of fema, 1999 ..... holding that the appellants have contravened provisions of sections 7 and 8 of fema, 1999 read with regulations 9 and 13(i) and (ii) of femr, 2000, the special director, by order no.sde/sks/iv/2/2010, imposed a penalty of rs.40,00,000/- on .....