TMI Blog1996 (2) TMI 366X X X X Extracts X X X X X X X X Extracts X X X X ..... Foreign Exchange Regulation Appellate Board, confirming the order of the first authority, levying penalty of Rs. 10,000 on the appellant for contravention of section 9(1)( a ) of the Foreign Exchange Regulation Act, 1973 (hereinafter referred to as "the Act"), this appeal has been filed by the appellant under section 54 of the Act. One Abdul Hameed, who is a chartered accountant in Singapore an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... abovesaid savings bank account is a joint account not only in the name of Abdul Hameed, but also in the name of his wife and son, who are admittedly residents in India, and that the department has not established that the abovesaid bank account was that of a non-resident in India. He also sought to rely on paragraph 9 of Chapter 27 of the Exchange Control Manual. But, both the authorities below ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e appellant also argues that this is only a technical violation, since, according to him, there is no loss of foreign exchange to the country. But, learned counsel for the respondent rightly points out that instead of bringing the goods from Singapore (no doubt after paying the customs duty), selling them here and realising the sale proceeds if he had sent the monetary value of the said goods from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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