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2011 (11) TMI 766 - HC - FEMAExtract: ....... absence of the recording of the valid “reasons to believe”. Consequently, the orders passed on the said notice by the competent authority on 28-11-1994, and by the appellate Tribunal on 8-3-1996 and the rectification order dated 8-5-1996 cannot be sustained and are, accordingly, quashed. Parties are left to bear their respective costs.
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