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FEMA - Case Laws

Showing 81 to 100 of 621 Records

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  • 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....... + 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

  • 2016 (5) TMI 518

    Preventive detention passed against the detenue husband of the appellant herein as well as few other persons - Held that - It has come on record and noted in the order of detention that large sums of money were received in the said bank account which was opened in the name of the detenue and the money which was disbursed from this account amounted to ₹ 40.52 crores. It was further found by the detaining authority that the detenue was also o....... + More

  • 2016 (4) TMI 782

    Aggrieved person - Whether the 4th respondent, Assistant Director, Directorate of Enforcement can be said to be an aggrieved person from the order dated 3.7.2013 of the Adjudicating Authority, the Assistant Director, Directorate of Enforcement so as to file an appeal under Section 17(2) of 1999 FEMA Act - Held that - Section 19 of the 1999 Act provides appeal to the Appellate Tribunal against an order; (i) passed by the Adjudicating Authority oth....... + More

  • 2016 (4) TMI 759

    Default to file a private paper book - Held that - The delay has been continuing over last eight years. Even after this Court had permitted the applicant/appellant to file a private paper book, still the default has continued. It is not known why the applicant/appellant has not been able to trace the record. The explanation therefore, does not inspire much confidence. - The Director of Enforcement cannot go on giving instructions to seek time or ....... + More

  • 2016 (4) TMI 715

    Proceedings under Section 51 of the Foreign Exchange Regulation Act, 1973 - Currency seized from the premises of assessee should be confiscated to the Central Government in terms of Section 63 of the Foreign Exchange Regulation Act, 1973 - maintainability of the appeal filed by the respondents before the Tribunal - Held that - A careful comparison of the provisions of the Foreign Exchange Regulation Act, 1973 and the Foreign Exchange Management A....... + More

  • 2016 (4) TMI 677

    Order of detention - Held that - There are previous decisions of Division Bench of this High Court that detaining authority is under obligation to comply with the requirements by formulating grounds for detention and on factual aspect also, there is no reason to detain such person and therefore, as recorded herein above, the Division Bench has gone to the extent of saying that a grosser case than this is yet to be seen. - Thus the impugned order ....... + More

  • 2016 (4) TMI 615

    Issue of grant or revocation of grant of licence - Held that - The licence to import was vitally connected with the shareholding of Kamal Kr. Datta and the percentage shareholding of his brother Sajal Datta. If the number of shares issued to Kamal increased on the basis of importation of those items, the percentage shareholding of Sajal was likely to fall. Therefore, both the company and its principal shareholders Kamal and Sajal had an interest ....... + More

  • 2016 (4) TMI 366

    Violation of provisions of FERA by the SBI officials - Validity of summons - making full advance payment to the tune of US 38 million without either obtaining any prior permission of the Reserve Bank of India ( RBI ) or any guarantee from an International Bank of repute situated outside India to safeguard their money - Held that - petitioners are not covered under Sub-section (ii) of Section 49 of FERA for abetting or not complying with all or an....... + 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 (2) TMI 476

    Challenge to the RBI (FEMA) circular - validity and legality - Policy in relation to import of Gold - On or about 14th August, 2013, RBI issued another Circular no. 25, referring to the said Circular no. 15 dated 22nd July, 2013, for clarification / modification in supersession of the earlier instructions, and made it incumbent on all nominated agencies to make exclusively available at least one fifth i.e. 20% of every lot of gold imported to the....... + More

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