Home Case Index All Cases Money Laundering Money Laundering + AT Money Laundering - 2021 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (1) TMI 1035 - AT - Money LaunderingAcquisition of foreign exchange - not bringing into India the goods of the value, quantity and quality for which foreign exchange was acquired by the parties through the appellant bank by seeking remittance on the basis of import documents which are allegedly later found to be not genuine - contravention of Section 8(1) of Foreign Exchange Regulation Act, (FERA) 1973 and Section 8(2) and 8(4) of FERA, 1973 - delay of more than two years in passing the impugned order - HELD THAT:- Without going into the merit of the case and without opining on merit, on the short question of delay in delivering the order, the appeal filed by M/s. South Indian Bank Ltd. is allowed - The impugned order dated 09.03.2009 passed on Show Cause Notice bearing no. T-4/1-B/SDE/AKB/2002-SCN-I dated 04.01.2002 read with corrigendum dated 13.02.2002, limited to the present appellant, is set-aside and the case is remanded to the Adjudicating Authority for deciding it afresh in accordance with law, preferably within a period of six months from the date of appearance of the parties before the Adjudicating Authority. The Adjudicating Authority shall decide the case relating to the present appellant on all legal and factual issues after affording opportunities to both the parties i.e. M/s. South Indian Bank Ltd. and the Enforcement Directorate. Appeal allowed by way of remand.
|