Fema / RBI judiciary-2

Man Seeks exchange of Seized old notes after discharge from case

Abhishek Shukla Vs Union of India & Ors. (Supreme Court of India)

Abhishek Shukla, who was discharged by the trial court in 2013 IPL spot-fixing case in July 2015, has moved the Supreme Court seeking a direction to the Reserve Bank of India (RBI) to accept demonetised Rs. 500 and Rs. 1,000 currency notes with a face value of Rs. 5 lakh, which was seized by the special cell of Delhi Police during probe o...

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Can’t allow Deposit of Old Notes After Dec 31, 2016: Centre To SC

Victory Logitrans Pvt & Anr Vs Union of India & Ors (Supreme Court of India)

The Central Government on 07th April informed the Supreme Court vide a 27-page affidavit that there is no need to open the window allowing all categories of people to deposit old demonetised notes of Rs 500 and Rs 1000 after December 31, 2016 under some special circumstances as no justifiable reason exists either in law […]...

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PML Act, 2002 Provisions cannot be invoked Retrospectively

M/s Obulapuram Mining Company Pvt Ltd Vs Joint Director (Karnataka High Court)

By consent of the learned advocates appearing for the parties, all these writ petitions are taken up for hearing together, as similar questions of law are involved in these writ petitions, in order to avoid a conflicting judicial opinion. We are also informed that facts are, almost, identical....

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Transaction approved by RBI & Govt not sufficient & assessee has to benchmark royalty payment separately

Sara Lee TTK Ltd Vs DCIT (ITAT Mumbai)

The assessee did not benchmark the royalty payment separately. On enquiry by the TPO, it relied on RBI approval given in 1995 and also on the fact that the assessee earned a gross profit of 41.6%. TPO applied Press Note 9 (2000 series) and restricted it to 1% on the plea that the payment was for use of trademark without transfer of techno...

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Firm or ‘firm name’ is merely a compendious description of all the partners collectively

Overseas Textiles Corporation Vs Special Director, Enforcement Directorate (Bombay High Court)

Decision of the Appellate Tribunal that the firm has failed to take reasonable steps for realizing the export proceeds is a finding based on facts viz: (a) that the appellants continued to export despite continuous defaults made by the said party in clearing the outstanding; (b) that the importer approached R.B.I....

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Charges under FERA provisions can be framed on the basis of statement of co-accused

S.K. Jain Vs M.G. Attri (Delhi High Court)

In the case at hand, there is a recovery of foreign currency from the co-accused. The relationship of employer and employee has been admitted both by the Petitioner and the co-accused. The statement of the co-accused and the other documents seized show that the co-accused was acting on the behest of the Petitioner. ...

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Members cannot be appointed part-time to Fema Tribunal

Union Of India And Others Vs S. Srinivasan (Supreme Court of India)

Rule 2 (1) (b) provides the qualification to be a Member. Needless to say, the same is in total accord with the Act. The first proviso to Rule 5 introduces part time Member. We have held that the said proviso, as far as it introduces the concept of part time Member, is contrary to the provision contained in the enabling Act. Section 46 of...

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FEMA – Claim for interest in the nature of compensation for wrongful retention of money is not maintainable

Directorate Of Enforcement Vs. Subhash Muljimal Gandhi (Delhi High Court)

Directorate of Enforcement Vs. Subhash Muljimal Gandhi ( Delhi HC)- that interest at the rate of 6% per annum under Rule 8 could have been awarded to the respondent on the seized Indian currency only. The learned Single Judge has however applying the said Rule also awarded interest on the seized foreign currency and which cannot be susta...

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SC asks Ketan Ketan Parikh and Co to Deposit deposit 50 percent of penalty imposed for Fema violations

Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court of India)

Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court)- Ketan Parikh, Kartik Parikh and M/s. Panther Fincap and Management Services Ltd, were imposed a penalty of Rs. 80 Crores, 12 Crores and 40 Crores respectively by the Special Director of Enforcement, Mumbai for FEMA violations. On appeal, the Appe...

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Section 45(1A) of the Prevention of Money Laundering Act, 2002 – Binod Kumar Versus State of Jharkhand & Others

Binod Kumar Vs State of Jharkhand & Others (Supreme Court of India)

Binod Kumar Versus State of Jharkhand & Others- In the impugned judgment, it is mentioned that the basic allegation is amassing of illicit wealth by various former Ministers, including a former Chief Minister of the State. The money alleged to have been so earned is of unprecedented amounts. However, there is no clear allegation so far ab...

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