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2008 (9) TMI 553 - HIGH COURT OF CALCUTTAPenalty imposed - contravention of section 10(6) of Foreign Exchange Management Act, 1999 - Held that:- The violation which has been done by the appellant/petitioner, cannot be stated to be a technical violation and it is well-settled law that contravention of the said Act or Foreign Exchange Regulation Act, 1973 has created a strict liability. The violation of these two Acts would come within the meaning of economic offence and cannot be treated as technical offence. Hence after initial committal and/or contravention of section 10(6) of the said Act, the violation continues till the time, compliance is made. Therefore, we hold that taking over the charge of the appellate-company in the year 2002, cannot absolve the appellant from the liability and, in our considered opinion, the appellant- company correctly held as guilty on the face of the continuance of the offence. Penalty confirmed - Appeals are dismissed.
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