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1999 (3) TMI 633 - SC - FEMAExtract: .......herwise acquired the foreign exchange in question in violation of the provisions of S.4(1) of the Act. In the aforesaid premises, we are not inclined to interfere with the impugned orders passed by the Board and affirmed by the High Court. The appeal is, accordingly, dismissed. The amount of penalty, if deposited, may be refunded to the respondent.
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