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2013 (3) TMI 507 - HC - FEMASection 8(1) of the Foreign Exchange Regulation Act, 1973 (FERA) - The petitioner and one Seethalakshmi Nagaraj were examined under Section 40 FERA and it was their common stand that the money seized belonged to Seethalakshmi Nagaraj and with the permission of the mother of the petitioner, the same had been left with his wife for safekeeping. Despite an opportunity notice, the petitioner had not been able to show that he had obtained any permission from the Reserve Bank of India - Charge of commission of offence u/s 8(1) punishable under Section 56(1)(i) of FERA - Held that:- To meet the charge of having acquired foreign exchange, it must be shown that the petitioner was the owner thereof, whereas the finding of the Division Bench is that there was nothing to show that the same belonged to the petitioner. We may inform that the Court below indeed is wrong in observing that no petition for discharge would like after the recording of the preliminary prosecution evidence under Section 244 Cr.P.C. This Revision shall stand allowed. The petitioner shall stand discharged of the charge against him in C.C. No. 252 of 1997 before the Court. Consequently, connected miscellaneous petition is closed.
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