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2013 (3) TMI 483 - HC - FEMASection 8(1) of the Foreign Exchange Regulation Act,1973 (FERA) - Section 56(1)(i) - During search foreign currencies were seized - Petitioner in his statement U/s 40 of the Foreign Exchange Regulation Action 1973 (FERA) had admitted that he visited Seethalakshmi Nagaraj and requested for foreign exchange as he wanted to deposit the same into the NRE account of his brother in law as such person was in need of the same. Held that:- Without going into the merits, even if it be accepted that the foreign exchange did belong to Seethalakshmi Nagaraj, the prosecution would still have a case of borrowing prohibited under section 8(1) FERA1973, if it establishes its contention in this regard. It would be for the petitioner to establish in the course of trial that he had received the foreign exchange from Seethalakshmi Nagaraj at her instance. This is more so because section 71 FERA 1973 places the burden of proving lawful possession of foreign exchange in excess of value of upon him. The revision shall stand dismissed.
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