TMI Blog2021 (2) TMI 904X X X X Extracts X X X X X X X X Extracts X X X X ..... he form of currency futures. The issue in this matter is as to whether the transactions have been made in accordance with Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 or not. The issue can be sorted out only after all the relevant documents are placed before the authorities. Thus, not entering into the merits of the case. Considering the pandemic situati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se notice dated 17th June, 2020 on the question of jurisdiction. According to the petitioner, the show cause notice has been issued without considering the amendments made in various regulations framed under FEMA Act, 1999 and thus prays for quashing of the show cause notice dated 17th June, 2020. 2. Learned Counsel appearing for the authorities referring to regulations 3, 4, 8 and 5A of the Fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntering into the merits of the case. 5. Considering the pandemic situation, the authorities are requested to allow the petitioners to submit their record within 8 (eight) weeks from today. The oral submissions of the petitioners be recorded by way of video conference. This exercise should be concluded within a period of 4 (four) months from date and it is expected that the authorities will conc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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