SAFEMA Tribunal: FERA Penalty Unsustainable Without Evidence in Hawala Case

Satya @ Subendy Majumdar Vs Special Director (Appellate Tribunal Under SAFEMA Delhi) SAFEMA Tribunal: FERA Penalty Cannot Be Sustained Without Evidence Of Role In Hawala Transaction The Appellate Tribunal under SAFEMA allowed the appeal filed by Satya @ Subendy Majumdar and set aside the penalty imposed under the Foreign Exchange Regulation Act (FERA), 1973. The case arose from investigations into a hawala network linked to cross-border transactions between India, Bangladesh, and Singapore, where funds generated through alleged over-invoicing of tea exports were transferred abroad through info...