The contention in appeals is on the ground of violation or alleged misuse of the scheme while releasing of Foreign Exchange and that has to be gone into on merits based on statements, records, etc.
The appeals before this court have been filed challenging the entire proceedings starting from the Adjudication proceedings, whereas, the Appellate Tribunal summarily dismissed the appeals in terms of paragraph 10 of the order of the Special Director Appeals without going into the merits of the appellants' case. In the order in appeal confirming the original order of the Adjudicating Authority as has been extracted above, a further direction has been issued in paragraph 10 by the Special Director Appeals.
In the present case, in spite of overwhelming evidence, the FFMC did not make any verification and instead delivered the currency at the residence and business premises outside the authorised premises.
Therefore, the Appellate Tribunal is bound to dispose off the appellants' case on merits on the entire issue in appeals. Since the Appellate Tribunal is the final authority on fact, it has to necessarily decide the matter on merits including the points raised in appeals before it.
Yes ts To 1. In the result, the order of the Appellate Tribunal in all the cases are set aside and all the Civil Miscellaneous Appeals are allowed by way of remand.
If the foreign exchange is released by the Forex card rate of axis bank without care and inadequate verification and is found misutilised, the FFMC is equally responsible for its misutilisation. The place of usual course of business of the appellant is work from home writing jobs indeed Chennai is not disputed and the action is taken at one branch.
Balagopal For respondent in all the appeals: The further direction in paragraph 10 would be relevant at that point of time. Though learned counsel Shri Balgopal has vehemently challenged the remand made by Special Director Appeals FEMA but we do not see any reason not to permit Adjudicating Authority to reconsider the matter when issues outlined in para 10 of the impugned orders are quite relevant to be considered.
The Appellate Tribunal failed to exercise its jurisdiction as the final arbiter on facts.
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Admittedly, there was an enquiry, search, seizure of records and joe forex of statements. Therefore, these appeals are liable to be dismissed having no merits.
The Adjudicating Authority may decide afresh after conducting adjudication proceedings in the manner described in para 10 of the impugned orders. Shree Exports Ltd. Lamco Exports Pvt. This direction is, besides, the order confirming the order of the Adjudicating Authority and the penalty imposed by him. This is a misreading of the order of the Special Director. FFMC Licence by releasing foreign exchange to suspicious persons in the year Civil Miscellaneous Appeal No.
Kumar, Senior Advocate for Mr.
In paragraph 9 of the Special Director's order, it has been clearly stated that the order of the Adjudicating Authority imposing penalty has been confirmed in appeals. Leather Crafts and Goods Cara baca trend forex, the payment for the exchange was made by Sh.
International, company owned by Sh. Pradeep Kumar Kundu and Sh.
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Having considered the rival submissions, the following factors arise for consideration. An order is passed accordingly.
Foreign Exchange Management Act
The Appellate Tribunal has not heard the appeals on merits. All that the Special Director Appeals indicated was that further enquiry at the level of Adjudicating Authority was required to be done on certain aspects. No Internet: Free for one month and pay only if you like it. It may involve unexplained and unaccounted payment for purchase of the foreign exchange.
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- M/chmpgncie.com Credit & Forex Services vs The Deputy Director on 22 December,
Try out our Premium Member services: Nirpen Biswas and Sh. Estrategia forex sin indicadores primary contention on the part of the Department was that the appellants have misused the Full Fledged Money Changer i. Hur man handlar valuta i poe photocopies of the travellers cheque were forwarded by the American Express Bank which may reveal the foreign visit of these persons.
The order in adjudication was confirmed.
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Building, I. This court has no hesitation to come to the conclusion that the appeals have been decided without considering the merits of the case of the appellants, as the order of the Special Director Appeals confirms the order of the Adjudicating Authority imposing the penalty holding that the appellants have contravened the provisions of the Foreign Exchange Management Act.
As far as the appellant No. It is bollinger band scalping forex necessary that each and every procedure is foolproof forex indicator by the RBI.
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Enquiries are necessary from the passport office, immigration office and other authorities to verify the existence of these two person, the genuineness of the two passports as claimed in the application forms. A memorandum of show-cause was issued which culminated in passing of the adjudicating order imposing penalty as set out earlier.
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It is, therefore, clear that the further direction in para 10 of the Special Director's order is not against the present appellants. The penalty imposed at Rs.
The case of the Department cannot be improved by counter-affidavit. On this premise, the respondent sought for dismissing of the appeals stating that the Adjudicating Authority should decide the matters afresh. The appeals were finally disposed off by the Appellate Tribunal by two separate similar orders dated 6.
Therefore, the dismissal of the appeals forex forward contract example the Appellate Tribunal without going into the entire issue raised in appeals has caused prejudice and is a violation on principles of natural justice, besides, being arbitrary. Vkc credit and forex services pvt ltd further investigation is required, the Appellate Authority should have allowed the appeals and remanded the matters for fresh forex box calgary.
A memorandum was issued by the Enforcement Directorate to each one of the appellant calling upon them to show-cause as to why action should not be taken against them under the provisions of Foreign Exchange Management Act, for contravention of the provisions of Section 10 4 and 10 5 read with Section 42 of the Foreign Exchange Management Act, For this purpose, the order passed by the AA is remitted back to the AA to this extent only.
Aggrieved against the above orders passed by the Appellate Tribunal, the appellants filed these Civil Miscellaneous Appeals before this Court.
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- They are under obligation to see that the provisions of FEMA and guidelines of the RBI are properly applied so that there is no violation.
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Global prime forex review are necessary from the passport office, immigration office and other authorities to verify the existence of these two person, the genuineness of the three passports as claimed in the application forms.
For appellant in all the appeals: