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1992 (8) TMI 225 - SC - FEMAWhether the Act is incompatible with the repealed Act i.e. Foreign Exchange Regulation Act, 1947? Whether it manifested any contrary intentions to the repealed Act? Held that:- Appeal dismissed. Article 20(1) of the Constitution of India provides that no person shall be convicted of any offence except for violation of the law in force at the time of commission of the act charged as an offence, nor be subjected to a penalty greater than that which might have been inflicted under the law in force at the time of commission of the offence. The repealed Act prescribed three times the value as penalty and, under the Act, section 50 provides five times penalty. So what would be imposable as penalty is three times. The penalty imposed as reduced by the Appellate Tribunal is not even three times as contemplated under section 23 of the repealed Act. Therefore, though the Act evinced a contrary intention of imposition of higher penalty than the one prescribed under the Act 7 of 1947, on the facts in this case, the penalty imposed is perfectly valid and legal.
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