Foreign Exchange Violation Appeal: Partial Win Requires 25% Penalty Deposit Under FEMA Regulations Within Three Weeks

AT partially allowed the appeal, directing appellants to deposit 25% of the penalty amount as pre-deposit condition under FEMA regulations. The tribunal rejected appellant's arguments regarding section 14 of IBC and regulatory discrepancies, finding no substantial merit in their contentions. The order mandates deposit within three weeks, enabling appeal hearing subject to pre-deposit compliance, thereby balancing procedural requirements with appellant's ability to pursue legal recourse. .....

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