2007 (9) TMI 725 - AT - FEMA

Summary

The Appellate Tribunal for Foreign Exchange in New Delhi overturned a penalty imposed on an appellant for failure to repatriate export proceeds. The Tribunal found that the RBI had granted permission for a write-off, absolving the appellant of any contravention. The impugned order was quashed and remanded for fresh adjudication considering the RBI's letter.