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1986 (7) TMI 398 - HC - FEMAExtract: .......order in imposing even the reduced penalty. Hence, when the amounts disbursed belonged to foreign ship owners/agents, and the Tribunal having found that there was no other way of doing this business and as appellant has made timely disclosures to Reserve Bank of India, the appellant succeeds. 7. It is in this view, this appeal is allowed. No costs.
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