TMI Blog1981 (9) TMI 219X X X X Extracts X X X X X X X X Extracts X X X X ..... g on business in that country which he had to abandon in 1970 due to political upheaval. Though a holder of a British passport and a person residing and working for gain in Nairobi for a near half century, his business licence was not renewed by the Kenya Govt. and he along with his family landed in India for consideration of permanent residence. Kulbhushan Boury and Smt. Sudershan Boury were having joint bank accounts and in England subscribing to a life insurance policy. The Deputy Director of Enforcement, Madras, after holding adjudication proceedings found both of them guilty of contravention of sections 4(1) and 9 of the Foreign Exchange Regulation Act, 1947, and sections 8(1) and 14 of the Foreign Exchange Regulation Act, 1973, and im ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... He further submitted that the penalties imposed could not be considered as heavy. The points, therefore, that arise for our consideration in these appeals are: (1) Whether the appeals are maintainable ? (2) Whether the penalties require to be reduced ? It is no doubt true' that section 54 of the Foreign Exchange Regulation Act, 1973, reads; " An appeal shall lie to the High Court only on questions of law from any decision or order of the Appellate Board under sub-section (3) or subsection (4) of section 52." Section 50 of the Foreign Exchange Regulation Act, 1973, speaks of penalties. It reads : " If any person contravenes any of the provisions of this Act (other than section 13, clause ( a ) of sub-section (1) of section 18 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ramnaresh Pandey v . State of M.P, AIR 1974 SC 35, Indo-China Steam Navigation Company Ltd. v. Jasjit Singh [1964] 34 Comp. Cas. 435 ; AIR 1964 SC 1140, at p. 1153). Adverting to the next aspect, as stated above, while inquiring into the facts both the Deputy Director of Enforcement as well as the learned Member of the Board have concurrently agreed that there are no mala fide intentions in these transactions and they do not represent any money spinning adventure, and as such a liberal and sympathetic view has to be taken. Having said so, the learned Member of the Board has reduced the penalty from Rs. 6,925 to Rs. 4,000 against the husband, and Rs. 4,025 to Rs. 2,000 in the case of the wife, Smt. Sudershan Boury. The learned co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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