FEMA Requires Actual Transaction, Not Mere Attempt

Ravi Goenka Vs Directorate of Enforcement (Appellate Tribunal Under SAFEMA At New Delhi) FEMA Requires Actual Transaction, Not Mere Attempt – No Contravention Without Transfer: Confiscation Denied as No Transfer Took Place – Attempt Not Punishable under FEMA- 20 Year Retained Seizure Ordered to Be Refunded – Two separate appeals were filed by Shri Ravi Goenka & Shri Vasudev Goenka against the order of the Special Director, Directorate of Enforcement, who had imposed a penalty of ₹25 lakh each for alleged contravention of Section 3(d) of the Foreign Exchange Management Act, 1999...