Court : Appellate Tribunal for foreign Exchange New Delhi
1. The following order of the Appellate Tribunal has been delivered by Shri R.N. Poddar, Member. 2. This appeal is directed against the adjudication order No. 415/89/Ad dated 24-10-1989 passed by the Asstt. Director, Enforcement Directorate whereby a penalty of Rs. 10,000 has been imposed on the appellant for contravention of section 8(1) and 8(2) of FERA, 1973 (hereinafter referred to as the Act) and also confiscated seized currency wit US $ 7493, DM 290, Nepali Taka 156, Pakistani Rs. 50, Bengladesh Taka 7000 and Bhutanese currency notes 10 in terms of section 63 of the Act. 3. A show-cause notice No. 225/86/SCN/AD, dated 8-5-1986 was issued to the appellant asking why adjudication proceeding should not be held against him for acquiring/purchase of foreign exchange to wit US $ 7493, DM 290, Nepali Taka 156, Pakistani Rs. 50, Bangladesh Taka 7000 and Bhutanese currency notes 10 from person not being authorised in foreign exchange without previous general or special permission of RBI a...
Tag this Judgment!Court : Appellate Tribunal for foreign Exchange New Delhi
1. These appeals together with applications for dispensing with the pre- deposit of penalty amount have been filed against adjudication order No. ADJ/253/MHK/AD/B/95, dated 30-12-1995 (despatched on 2-2-1996) under which a penalty of Rs. 15,000 each has been imposed on the appellants for contravention of section 49(1), read with section 7, by invoking the provisions of section 68(2) of the Foreign Exchange Regulation Act, 1973 ('the Act'). A penalty of Rs. 25,000 has been imposed on the Central Cottage Industries Corporation of India Ltd. in their trade name Central Cottage Industries Emporium. However, the Central Cottage Industries Emporium is not an appellant before the Board. 2. It is not disputed that at the relevant time, the first appellant was the manager and the second appellant the cashier, both working in their respective capacity wi09th the Central Cottage Industries Emporium, Bombay. The charge against the Central Cottage Industries Emporium is that it violated the provisi...
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