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FEMA - Case Laws

Showing 61 to 80 of 609 Records

  • 2017 (3) TMI 1059

    Penalty imposed under FEMA for contravention of the provisions of Section 9(1)(b) and Section 72(i)(c) of Foreign Exchange Regulation Act, 1973 - Single Judge declined to entertain the writ petition on the ground that an alternative efficacious remedy of appeal is available against the impugned order - Held that - Having regard to the specific case of the writ petitioner/appellant herein that the impugned order was in violation of the principles ....... + More


  • 2017 (2) TMI 656

    Complainant preferred a complaint under Sections 8(1), 9(1)(c) and 9(1)(a) of the Foreign Exchange Regulation Act, 1973, punishable under Section 56(1)(i) of Foreign Exchange Regulation Act, 1973 - Held that - On perusal of the entire materials available on record, it is clearly revealed that so many incriminating materials available against the petitioner/A3. It is also revealed that the petitioner/A3 was informed by A2 about the business transa....... + More


  • 2017 (2) TMI 518

    Complaint under Sections 8(1), 9(1)(a) and 14 of the Foreign Exchange Regulation Act, 1973 - Acquirng foreign exchange without previous general or special permission from the Reserve Bank of India during the year 1994/95 from persons not being authorised dealers in foreign exchange and deposited the amounts in a bank account outside India - Held that - On perusal of the letter written by the respondent, the contention of the respondent that he is....... + More


  • 2017 (1) TMI 1342

    Purchase of agricultural lands in India in violation of Foreign Exchange Management Act (FEMA) - Detention of passport - Look Out Circular issued - Whether the passport of the petitioner can be impounded and the impugned notices issued by the respondents are sustainable? - Held that - As per the instructions issued by the respondents/ department, look out circular can be issued against (i) persons with terrorist or militant links (ii) beligerent ....... + More


  • 2017 (1) TMI 1166

    Penalty for contraventions of the provisions of Sections 8(1), 9(1)(a) and 14 of FERA - legal status of the appellant independently - Held that - As seen from the records that the appellant claimed not a citizen before the Division Bench of this Court in the Habeas Corpus Petition. In the election petition filed by him, he claimed as an Indian citizen. But before the Foreign Exchange Regulation authorities, he claimed as if he is a non-resident I....... + More


  • 2017 (1) TMI 1114

    Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 - forfeiture order - detention of the original petitioners - Held that - In the present case, the original petitioner is not a person of no means. Her father owned properties and wrote a will. Later, it was cancelled and the family members had a registered deed of partition among themselves. Further, her father was a gold and silver merchant and has declared jewellery ....... + More


  • 2017 (1) TMI 826

    Violation of Section 8 (3) and Section 8 (4) of the Foreign Exchange Regulation Act, 1973 read with Chapter 7A.20 (i) of the Exchange Control Manual, 1995 - Held that - Courts have repeatedly held that in quasi criminal proceedings the penalty should not be imposed merely because it is lawful to impose the penalty. Whether penalty should be imposed or not is a matter of discretion to be exercised judicially and on consideration of all the relevan....... + More


  • 2017 (1) TMI 461

    Maintainability of the writ petitions before this Court - whether issue involved in these writ petitions relate to 2G Spectrum Case and therefore, this Court has no jurisdiction to entertain these writ petitions? - Held that - Since the investigation carried on by the respondents is being monitored by the Honourable Supreme Court, it is too early for this Court to take up these writ petitions for adjudication on merits. Consequently, the prelimin....... + More


  • 2017 (1) TMI 398

    Principle of segregation - Detention order - Section 3(1) of the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 - High Court has come to the conclusion that there were various grounds which formed the basis of the detention order and even if the documents pertaining to one particular ground were not furnished, that ground could be ignored applying the principle of segregation and on remaining grounds the detenti....... + 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 (9) TMI 166

    Defective notice - Whether the Tribunal was right in holding that the notice is defective and unsustainable? - Whether the Tribunal was right in holding that the independent properties of a relative of a convict or detenu,cannot be forfeited? - Held that - As already held that the notice does not establish any link between the convict and the properties. It is also not the case of the petitioner that the properties were purchased out of illegal i....... + 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 (6) TMI 1187

    Sentencing the petitioner solely on the basis of uncorroborated testimony of sole witness Mr.Chanderkant Khemka - Held that - Admittedly, the remedy of appeal is available against the impugned order under Section 17 of the Foreign Exchange Management Act, 1999. - Since, the petitioner has an alternative efficacious remedy, the present writ petition is dismissed. However, the petitioner is given liberty to raise all his pleas and contentions befor....... + More


  • 2016 (6) TMI 341

    Offence punishable under Section 56(1)(i) of the Foreign Exchange Regulation Act, 1973 for the alleged contravention of the provisions of Sections 18(2) and 18(3) of the Act - Held that - The tribunal has arrived at a conclusion that the appellant cannot be held guilty for Section 18(2) read with Section 18(3) of FER Act, 1973 and the advise of the Reserve Bank of India given in its letters dated 21.1.1992 and 18.2.1994 deserve to be accepted as ....... + More


  • 2016 (6) TMI 58

    Sealing of office premises challenged - case registered under Sections 420, 120-B, 467, 468, 471, 406/34 of the Indian Penal Code (for short IPC ) and Sections 3, 4 and 13 of the Foreign Exchange Management Act, 1999 - Held that - The office premises of the Company, which was sealed by the police in connection with the police case, is neither a stolen property nor the object of the crime nor has any link with the commission of any offence. It is ....... + More


  • 2016 (6) TMI 3

    Refusal to dispense with the amount of deposit of the penalty fully by Foreign Exchange Appellate Tribunal - Held that - The learned Tribunal omitted to notice that there was unexplained delay of nine years in issuing the show cause notice. The learned Tribunal also ignored the fact that the appellant was a mere agent of the principal, Sri S.Jegathesan. - Considering the facts and circumstances of the case, we are of the opinion that the Tribunal....... + 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 (5) TMI 740

    Confiscation of foreign currency and imposition of penalty - Clauses (d), (e) and (i) of Section 113 of the Customs Act, 1962 - Seizure of US dollars - Import of currency as advance payments towards supply of diamonds - absence of requisite permission of Reserve Bank of India - Held that - the greater significance and important is the absence of any special or general permission as contemplated under Section 8(1) of FERA. No such permission is pr....... + More


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