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2018 (10) TMI 411 - HC - FEMARefund to the Petitioners of principal amount along with interest - non adherence to Foreign Exchange Regulation Appellate Board orders - Held that:- We find that our Court had in Abu Moosa [2015 (1) TMI 977 - BOMBAY HIGH COURT] and Prabodh Mehta [2012 (7) TMI 145 - BOMBAY HIGH COURT] had occasion in similar facts, directed refund of the amount received by the Respondents along with interest from the date on which the amounts were deposited with the Respondents till repayment. The Respondents before us refuse to pay interest on the ground that it has not earned any income. Interest is paid as to compensate persons who have been deprived of its amount. Thus in the present facts the Respondents are directed to grant refund aggregating to ₹ 9,50,000/- along with interest thereon @ 6% p.a. from the date of payment / deposit of the Petitioner. The refund should be granted as expeditiously as possible along with interest @ 6% p.a. preferably within a period of 12 weeks from today.
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