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2015 (7) TMI 1268 - AT - Money LaunderingOffence under PMLA - Furnishing of information to the Director - Held that:- During the course of hearing before this Tribunal, it was noticed that out of 2697 cash transactions, there are various transactions which are for ₹ 10,00,000/- and as per Rule 3, the appellant is not required to file report in respect of such transactions and the respondent has imposed fine on these transactions also. The appellant vide reply letter dated 2-8-2012 submitted that 256 transactions out of 2697 transaction could not be included as they were less than ₹ 10 lakhs. When this discrepancy was pointed out to the respondent, the respondent after verifications of facts from records submitted that out of 2697 transactions, 250 cash transactions are not reportable as each of them were of ₹ 10,00,000/- or less and therefore the amount of total fine can be reduced to this extent. It was submitted that correct number of failure after correction would be 2447 cash transactions and fine which could be imposed would work out to ₹ 2,44,70,000/-. The appeal is therefore, without any merits and requires no further interference by this Tribunal except that the amount of fine is reduced to ₹ 2,44,70,000/-. The appeal is therefore, partly allowed. The application seeking stay of recovery of fine from the appellant is also dismissed and the stay order granted by this Tribunal is vacated. The appellant shall be entitled to pay the amount of fine of ₹ 2,44,70,000/- within four weeks, failing which the respondent shall be entitled to recover the amount from the appellant.
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