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2019 (1) TMI 190 - AT - FEMAApproval of RBI for transfer of technology in excess of USD 1,00,000 - rectification of the advance payment - invocation of provisions of FERA - Held that:- The whole case hinges on the RBI’s approval for the excess amount not being available. From the RBI’s letter dated 18.11.2002, it is apparent that the RBI was seized of the matter and had not rejected their case. It would be in the fitness of things to have consulted the RBI before the impugned order was passed more so because the genesis of the case was an information received from the RBI. The matter is remanded back to the original authority to get the necessary response/reply from the RBI and pass a fresh speaking order after giving the appellants an opportunity of being heard.
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