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

Court : Kolkata

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

..... the 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. ..... of foreign exchange is not permissible under the provisions of the act or the rules or regulations or direction or order made thereunder shall be deemed to have committed contravention of the provisions of the act for the purpose of this section.section 42(1) - where a person committing a contravention of any of the provisions of this act or of any rule, direction or order made thereunder is a company, every person who, at the time the contravention was committed, was in charge of, and was responsible to, the company for the conduct of the business ..... of the company as well as the company, shall be deemed to the guilty of the contravention and shall be liable to be proceeded against and punished accordingly:provided that nothing contained in this sub-section .....

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. ..... speaking for the bench, had observed as follows:it is thus manifest that there is great latitude allowed to the ito in the collection of materials and he does not act as a court at that stage. ..... the said judgment came to be confirmed by a division bench of the calcutta high court in dwijendra lal brahmachari and ors. v. ..... once again another division bench of the calcutta high court in income-tax officer and ors. v. ..... a division bench of this court in v. .....

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

..... 2000, fera was replaced by the foreign exchange management act, 1999 (hereinafter referred to as 'fema').4. ..... 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 ..... is material and may be quoted in extenso.1) subject to the provisions of this chapter, any magistrate of the first class, and any magistrate of the second class specially empowered in this behalf under sub-section (2), may take cognizance of any offence-(a) upon receiving a complaint of facts which constitute such offence; (b) upon a police report of such facts; (c) upon information received from any person other than a police officer, ..... foreign exchange. ..... if on a reading of the complaint he finds that the allegations therein disclose a cognizable offence and the forwarding of the complaint to the police for investigation under section 156(3) will be conducive to justice and save the valuable time of the magistrate from, being wasted in enquiring into a matter which was primarily the duty of the police to investigate, he will be justified in adopting that ..... short) is a 'public limited company' incorporated under the companies act, 1956 having its business at mumbai and aurangabad in the state of maharashtra. .....

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. ..... derivatives can be used as insurance cover against certain types of business risks such as fluctuations in the rate of foreign exchange, fluctuations in the rate of interest on borrowings, fluctuations in the value of specified assets etc. ..... the general power of superintendence of the high courts under article 226/227 of the constitution, over all tribunals and other forums constituted under special enactments, that was reinforced by the constitution bench decision in l.chandrakumar's case, does not make the debts recovery tribunal, a court subordinate to this court. ..... but, following widespread discontent amongst leading cotton mill owners and merchants over the functioning of the association, a separate association by the name 'bombay cotton exchange ltd. ..... derivatives provide a global network for intelligent assessment, management, and distribution of risk on a large scale.9. ..... the most notable amongst them was the chamber of commerce at hapur, which was established in 1913. .....

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)

..... 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 ..... suresh babu was interrogated on 09.09.04, when he deposed that he had arranged the foreign exchange to the tune of us $ 35,000 for each of the three passengers us $ 25,000 under lerms (business purpose) and us $ 10,000 under basic travel quota (btq) as per r.b.i ..... the currency dealers had suspected that the series of passengers who had visited singapore for promoting business of m/s asia brothers in 2003 and 2004 had made unauthorized use of the foreign exchange released by them, they would have reported it to rbi. ..... said schedule also specifically excluded release of foreign exchange upto us $ 25000 to a person for business travel. ..... they had also taken travelers cheques for similar amounts as per the foreign exchange management (import and export of currency) regulations 2000, us $ 25000 allowed for business travel and, us $ 10,000 as basic travel quota to each passenger travelling abroad in the whole of one .....

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

Court : Jharkhand

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

..... 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. ..... 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 prosecution says that during 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 ..... 280 of 2002 has already been dismissed by order dated 18.12.2002 by a bench of this court and, therefore, this application is also liable to be dismissed. .....

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

Court : Allahabad

Reported in : 2002(3)AWC2391

..... the next contention 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. ..... you are, therefore, required to show cause in writing within 30 days from the date of receipt of this notice as to why adjudication proceedings as contemplated under section 13 of the foreign exchange management act, 1999, should not be held against you for contravention of the provisions of section 4 of foreign exchange management act, 1999.'6. ..... said notice required the petitioner to show cause in writing within thirty days of the receipt thereof as to why the adjudication proceedings as contemplated under section 13 of the foreign exchange management act, 1999 (hereinafter referred to as 'the act') be not taken against him for contravention of the provisions of section 4 of the act. ..... contention of 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'). ..... , lucknow, had lodged 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 .....

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

Court : Mumbai

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

..... 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. ..... 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. ..... 25december 22, 2006toall category-1 authorised dealer banks.madam/sir,foreign investment in infrastructure companies in securities markets -amendment to the foreign direct investment scheme.attention of authorised dealer category - 1 (ad category - 1) banks is invited to schedule 1 to foreign exchange management (transfer or issue of security by a person resident outside india) regulations, 2000, notified vide fema ..... , 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 .....

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 hardship to ..... in terms of section 8 of foreign exchange management act (in short, "fema") the exporters are required to take all reasonable steps to realise and repatriate to india the amount of foreign exchange within prescribed period and manner as mentioned in the gr ..... rightly submitted by the learned counsel for respondents, the object of foreign exchange and management act is for promoting the orderly development and maintenance of foreign exchange market in india. ..... 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, "fmr, 2000") ..... it was further submitted that appellants are not having huge turnover but only having medium level of business and to direct the appellants to pay rs.1,10,00,000/- would cause undue hardship, which aspect was not kept in view by the appellate tribunal.17 .....

Union of India (Uoi) and anr. Vs. Venkateshan S. and anr.

Court : Supreme Court of India

Reported in : AIR2002SC1890; 2002CriLJ2790; 2002(2)Crimes271(SC); 2002(81)ECC1; JT2002(4)SC263; 2002(4)SCALE1; (2002)5SCC285; [2002]38SCL669(SC); [2002]3SCR268; 2002(2)LC892(SC)

..... and order dated 2nd november, 2000, the high court quashed and set aside the detention order on the ground that what was considered to be criminal violation of the foreign exchange regulation act, 1973 (hereinafter referred to as 'fera') has ceased to be so on the repeal of fera which is replaced by the foreign exchange management act, 1999 (hereinafter referred to as 'fema'). ..... the first week of june, 1999 one rafeeq, who was his friend, met him in his office and informed that he was doing business of collecting saudi riyals from indians in saudi arabian and in equivalent thereof he was making arrangements for delivery of indian rupees to various persons in india: that if he assists him in this business and receives indian rupees as per his instructions and distributes the respective amounts to various persons ..... government, or any officer of a state government, not below the rank of a secretary to that government, specially empowered for the purposes of this section by that government, may, if satisfied, with respect to any person (including a foreigner), that, with a view to preventing him from acting in any manner prejudicial to the conservation or augmentation of foreign exchange or with a view to preventing him from--(i) smuggling goods, or(ii) abetting the smuggling of goods, or(iii) engaging in transporting or concealing or keeping smuggled goods, ..... the constitution bench while dealing with the constitutional validity of the maintenance of internal security act, 1971 (misa .....