LAW FOR ALL

Sections 6(4), 6(5), 7 & 8 of the Foreign Exchange Regulation Act, 1973 (hereinafter called “FERA”) as well as paragraph 3 of the Memorandum of FLM issued by RBI.- Section 50 of FERA read with Section 49 (3) & (4) of Foreign Exchange Management Act (hereinafter called “FEMA”). - No Violation of provisions when a sale for higher price more than market value is immaterial- the sale transaction between two Licensed FFMCs carried out by exchange of foreign currency by way of payment in the form of pay orders- not an offence and as such it can not be called violation of provisions of FERA &FLM .Apex court allowed the appeal and order to refund of penalty with interest = Tulip Star Hotels Ltd. ….Appellant VERSUS Special Director of Enforcement .…Respondent = 2014 ( January - Vol - 1-D.B.) Judis.nic.in/ S.C./ file name =41156