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FEMA - Tribunal - Case Laws

Showing 21 to 40 of 121 Records

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  • 2018 (3) TMI 1136

    Calling of witness Mr. Chokshi whose cross examination was already conducted on 20/09/2017 was rejected - Held that - It is the interest of justice, equity and fairplay, let Mt. Chokshi be further cross-examined on this aspect. The argument of the respondent has no forced that the appellant has covered entire case on 20.09.2017 if when the question of 41-45 were put to Mr. Chokshi. - Thus, the findings given in the impugned orders are contrary to....... + More


  • 2018 (3) TMI 1066

    Application of FEMA for a contravention in the FERA issue - Held that - The present appeal instead of being preferred before the Special Director (Appeals) under Section 17 of FEMA has being filed this Tribunal for Foreign Exchange under section 19 FEMA is not maintainable and thus the same is liable to be dismissed.


  • 2018 (2) TMI 579

    Abetting one Sh. P.G. Rawal in transferring foreign exchange in contravention of Section 8(3) read with 8(4) and Section 48 read with Section 64(2) - Held that - While the order in original has passed a very detailed order, however the adjudicating authority has not given any evidence or facts to state as to how the appellant has abetted with Sh. P.G. Rawal, in the said contravention. It appears that he has based his judgment on an inference from....... + More


  • 2018 (1) TMI 1222

    Contravention of section 3 FEMA - statement made under oath reliance - Held that - In harwala transactions, the main aspect is secrecy and stealth. Most of the facts relating to such transactions remain in the knowledge of the persons involved in such transactions. It is difficult for Authorities to unravel every link of such transitions. The burden is on the person to explain; otherwise adverse inference can be drawn based on surrounding facts a....... + More


  • 2017 (11) TMI 839

    Revision petition u/s 19(6) of FEMA against the order of penalty - contentions of the respondent is that revision petition filed by the revisionist is not maintainable as there is no specific provision in the Act - Held that - As gone through provisions of section 16 which provides for appointment of Central Government Officers as at Adjudicating Authority for holding an inquiry for the purpose of imposing any penalty against the respondent. As i....... + More


  • 2017 (11) TMI 618

    Non-realisation of export sale proceeds - Proceedings as contemplated under Section 18(2) & 18(3) read with Section 68(1) & 68(2) of FERA - Held that - It is evident that the Appellant joined as Director solely in the capacity of advisory role and was specifically excluded from the day to day operations of the company as evidenced from the correspondence. There cannot be any adverse inference against the Appellant‟s role as to its i....... + More


  • 2017 (10) TMI 908

    Review application - Held that - It is pertinent to mention that the order dated 16.07.2016 has not been challenged by the appellant/applicants in the higher court. It has become final. The amount fixed in the said order has not been deposited and it is apparent that the appellants have no intention to deposit the same. - We are of the view that the review application filed by the appellant/review applicant is not maintainable as the applicant ha....... + More


  • 2017 (10) TMI 460

    Condonation of Delay - reason i.e. the premises of the appellant firm lying locked and shifting of residence by the appellants as well as the chamber of the counsel of the appellant has been stated - Held that - As stated earlier, by an order dated 11th May, 2009 this Tribunal had directed the appellants to deposit 20% of their amount of penalty along with submissions of unconditional bank guarantee of remaining 30% within a period of 45 days fro....... + More


  • 2017 (10) TMI 459

    Proceedings contemplated under Section 51 of FERA, 1973 - Held that - In the case of Shri Joji Thelliankal, who had acted as an agent to identify NRE account holders, there was no fool proof evidence on record, to establish that Shri Joji Thelliankal received premium amount and thus it was found by the trial court that there is no corroborative evidence except the statements. It was held that no other evidence on the records placed to show that S....... + More


  • 2017 (8) TMI 756

    Forfeiting the properties as order passed under section 7 of the SAFEMA, 1976 - purview of the term associate / relative - connection with alleged illegal activities of the detenu - Held that - The only activities that have been stated in this regard are that the appellant assisted AP-1 to assume the name of Sanjay Srinath Rana and to obtain documents like Ration Card and Passport in the assumed name and that the detenu resided in the residence o....... + More


  • 2017 (5) TMI 852

    Violation of Section 3 of FEMA, 1999 - Held that - In the present case, the remitter and investor are different and are not in accordance with the Regulations made by the Reserve Bank of India under the Act. The remittance 1 and remittance 2 were made by the person other than the investor and are in direct contravention of Regulation 5 of FEMA (Permissible Capital Account Transactions) Regulations, 2000. - From the perusal of record, it is clear ....... + More


  • 2016 (9) TMI 1352

    Contravention of Section 3(d) r/w Section 42(1)(2) of FEMA, 1999 - search - payments in foreign exchange - Held that - No foreign currency has been recovered. There is no corroboration evidence of the fact that the payments allegedly made by the appellants were made as per the instructions from abroad. There is no evidence available to establish that the payments so made were in consideration of foreign exchange so acquired by the appellant compa....... + More


  • 2016 (9) TMI 1344

    Guilty under Sections 18(2) and 18(3) read with Section 58 of FERA, 1973 - liability by a deeming fiction - criminal liability fastened against in charge and responsible for the conduct of the business of the company - Held that - No evidence has been lead by the Enforcement Directorate in the Adjudication Proceedings to the effect that the respondents were in-charge and were responsible for the conduct of the business of the company. Vicarious l....... + More


  • 2016 (9) TMI 352

    Proceedings leveled against co-noticee - appellant was resident outside India - Held that - Nothing incriminating from the raid carried out at the residential and business premises of the appellant could be found. There is no documentary evidence in support of the allegations of the respondent. There is no evidence on record to show that the appellant was involved in any act of alleged purchase and sale of foreign currency. For the alleged credit....... + More


  • 2016 (7) TMI 1341

    Contravention of provision of Section 8 of FEMA, 1999 r/w Regulations 9 and 13 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 - failure to prove the service of either SCN or notice for personal hearing or the service of impugned order upon the appellant - Held that - We are of the view that the respondent has failed to prove the service of either SCN or notice for personal hearing or the service of impugned order ....... + More


  • 2016 (5) TMI 1383

    Contravention of Sections 8(3) and 8(4) of FERA, 1973 - direction of furnishing corporate guarantee - interpretation in the review petitioner that the corporate guarantee is a business consideration - Held that - The guarantor is bound to indemnify the authority to whom corporate guarantee is furnished. Relationship of business is not a necessary condition. Generally the corporate guarantee is furnished on the basis of overall performance and goo....... + More


  • 2016 (2) TMI 1107

    Contravention under Section 8 of FEMA, 1999 - liable for the acts or omissions committed by company representative - Held that - Since the appellant Ole Peter Tollefson has not filed any proof that he actually secured loan from bank in Spain therefore in view of the admission of the execution of the disputed invoice by the appellant, no other inference except that it related to export of building material can be inferred. The appellant company wi....... + More


  • 2016 (2) TMI 480

    Levy of penalty for Non realization of export proceeds (foreign exchange) within six months of the date of shipment or within the extended period - Held that - Considering the submission that almost entire sale proceeds have been realized and loss to the exchequer has subsequently been made good therefore, taking a holistic view, we are of the opinion that it will be just and fair in the circumstances that the penalties imposed which are almost h....... + More


  • 2016 (1) TMI 183

    Importers who had acquired foreign exchange from their authorized dealers for the purpose of imports of specified goods but had failed to submit the Exchange Control copy of Bill of Entry in respect of the relevant imports to their authorized dealers - It has been contended on behalf of the appellant that an amount of ₹ 410,550 US was remitted by IDBI by opening L/C (Letter of Credit). The goods were shipped by the foreign seller and arrive....... + More


  • 2015 (12) TMI 1695

    Guilty of contraventions of Section 8(3) and 8(4) of FERA, 1973 r/w Section 49(3) and 49(4) of FEMA, 1999 - Penalty imposed - whether there has been no lapse/FERA violations on the part of the company and the transactions were wrongly reported in BFE due to oversight of the bankers of the company? - Enforcement Directorate creation - Held that - We see no reason to remand the matter back to Adjudicating Authority at this stage when parties have b....... + More


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