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2013 (2) TMI 230 - HC - FEMARepatriation of Money Appellant acquired the foreign currency by selling his property in Iran - Gave a declaration in CDF when he brought major chunk of foreign currency in January and October, 1999 His vendor sent the money through nineteen persons each getting $ 5000 Further contention of appellant is that he has 180 days to keep the money before en-cashing through an authorized person Held that:- Section 3(c) of the FEMA prohibits any person from receiving foreign currency otherwise than through an authorized person The law requires remittances to be made only through an authorized person as defined in Section 2(c), which means money changer, off-shore banking unit or any person authorized under Section 10(1) to deal in foreign currency or foreign securities. Regulation 5 of the Repatriation Regulations which obliges any person to sell the realized foreign exchange to an authorized person within seven days from the date of its receipt - Appellant un authorizely acquired foreign currencies and retained the currency in contravention of relevant Regulations. Appellant got the foreign currency towards consideration of sale of his immovable property in Iran. Even if such a transaction is assumed to be true, he could not have got or received the money the way he got - No agreement was produced and the affidavit filed by the buyer did not give the details of the amount sent through nineteen (19) persons Appeal fails and is accordingly dismissed Against the assessee.
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