SAFEMA Tribunal Reduces FEMA Penalty For Unauthorized Handling of Foreign Currency

Mohd. Asif Anwar Vs Assistant Director (Appellate Tribunal Under SAFEMA Delhi) The Appellate Tribunal under SAFEMA partly allowed the appeal filed by Mohd. Asif Anwar against the penalty imposed for contravention of Section 3(a) of the Foreign Exchange Management Act (FEMA) relating to unauthorized dealing in foreign exchange. The case arose when officials seized US $10,000 from the premises of Banaras Saree Centre, Kolkata, which was found in the personal custody of the appellant. The authorities alleged that the appellant and the firm were dealing in foreign currency without authorization fr...