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2008 (4) TMI 781 - AT - FEMAExtract: .......f penalty imposed against the appellant is excessive which is liable to be reduced from ₹ 60,000/- to ₹ 30,000/-. The appeal is, therefore, liable to be partly allowed. An order is passed accordingly. The amount of penalty is reduced from ₹ 60,000/- to ₹ 30,000/-. The pre-deposited amount may be appropriated towards penalty.
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