CESTAT reduces penalty for Bonafide Foreign Currency Export Without RBI Permission & releases confiscated Currency

Rajesh Kumar Ishwar Parikh Vs C.C. (CESTAT Ahmedabad) The Learned Authorized Representative in his submission also confirmed that Rs.19.91 Lacs were shown as Cash in hand in the books of Partnership Firm of both the appellants therefore, the source of fund for procuring the foreign currency was available with the appellants. The only lapse on the part of the appellant is that they have not obtained the permission from RBI. I also find that the export of foreign currency is allowed subject to permission of RBI. As per their statements that they were taking this foreign currency for business pur...