Court : Mumbai
Reported in : 2007(6)BomCR565; (2007)109BOMLR1981; 83SCL113(Bom)
..... of the petitioner that the said circular is unconstitutional, without jurisdiction and is ultra vires the provisions of foreign exchange management act, 1999 (hereinafter referred to as 'the act') and rules framed thereunder, as no power is vested under section 10(4) and 11(1) of the act which empowers and authorises the reserve bank of india to issue such circulars. on the basis of the ..... , required under any other law.yours faithfully,(salim gangadharan)chief general manager-incharge2. the petitioner, an advocate, has challenged the legality of the above circular in the present writ petition ..... the notice of their constituents and customers concerned.4. necessary amendments to the foreign exchange management (transfer or issue of security by a person resident outside india) regulations, 2000 are being issued separately.5. the directions in this circular have been issued under sections 10(4) and 11(1) of foreign exchange management act, 1999 (42 of 1999) and is without prejudice to permissions/approvals, if any .....Tag this Judgment!
Court : Chennai
..... the appellants ought to have been taken into account by the appellate tribunal. it was further submitted that under the proviso to section 19 of foreign exchange management act, discretion has to be exercised judicially and the insistence of pre-deposit of the penalty, which itself was a huge sum would deprive the appellant the statutory right of the ..... and rs.87,92,412/- in respect of m/s.shaw garments private limited. in terms of section 8 of foreign exchange management act (in short, "fema") the exporters are required to take all reasonable steps to realise and repatriate to india the amount of foreign exchange within prescribed period and manner as mentioned in the gr forms. according to the department, the appellants have failed ..... ,13,20,461/- and rs.87,92,412/- in contravention of the provisions of sections 7 and 8 of fema, 1999 read with section 9 and 13(i)(ii) of foreign exchange management (export of service) regulation, 2000 (in short, "fmr, 2000"). according to the appellants, by letter dated 5.7.2007, they have intimated rbi about the non-realisation of the export ..... the merits of the matter.18. as rightly submitted by the learned counsel for respondents, the object of foreign exchange and management act is for promoting the orderly development and maintenance of foreign exchange market in india. the purpose of encouraging exports is in order to improve the foreign exchange reserves to improve the wealth of the nation. a prima facie case has been made out as to .....Tag this Judgment!
Court : Chennai
Reported in : (2007)2MLJ369
..... of the fera restricted acquisition of immovable property in india by a non citizen of india. the plaintiff, not a citizen of india cannot, therefore, acquire the property. the foreign exchange management act, 1999 (in short 'fema') came into force on and from 01.06.2000. as per section 6(3)(i) of fema, acquisition, transfer of immovable property in india ..... section 6 and the sub-section (2) of section 47 of fema, the reserve bank made regulations relating to acquisition and transfer of immovable property in india called the foreign exchange management (acquisition and transfer of immovable property in india) regulation, 2000. regulation deals with the transfer and acquisition of immovable property by an indian citizen outside india. regulation (4 ..... a person residing outside india is prohibited. further, he contended that the clarification issued by the reserve bank of india in circular no. 11 dated 16.11.2000 under foreign exchange management (acquisition and transfer of immovable property in india) regulations, 2000 prohibits acquisition of property by persons other than indian residing in india. hence, the suit, as framed has ..... seriously and anyone directly responsible or conniving at the offence is liable to be punished. this appears to be the legislative intent in enacting fera, 1973 replacing the foreign exchange regulation act, 1947 and also including it in the ninth schedule to the constitution. (iv) to assail the order of appointment of receiver, he relied on the case of .....Tag this Judgment!
Court : Allahabad
Reported in : 2002(3)AWC2391
..... observed that considering the cause shown by the complainant in his complaint, the authority concerned is satisfied that there is a prima facie contravention of section 4 of foreign exchange management act, 1999, but this could be recorded only after the petitioner was given opportunity of hearing. a perusal of paragraph 2 of the notice only indicates that on ..... days from the date of receipt of this notice as to why adjudication proceedings as contemplated under section 13 of the foreign exchange management act, 1999, should not be held against you for contravention of the provisions of section 4 of foreign exchange management act, 1999.'6. this paragraph clearly indicates that it is a notice under sub-rule (1) and the petitioner can ..... days of the receipt thereof as to why the adjudication proceedings as contemplated under section 13 of the foreign exchange management act, 1999 (hereinafter referred to as 'the act') be not taken against him for contravention of the provisions of section 4 of the act. the contention of the learned counsel for the petitioner is that this show cause notice is not ..... in accordance with the provisions of foreign exchange management (adjudication proceedings and appeal) rules, 2000 (for short 'the rules'). section 13 of the act contemplates that the person, who contravenes any provision of the act or contravenes any rule, regulation, notification, direction, etc. issued under the act shall be punished and penalty can be imposed on such .....Tag this Judgment!
Court : Jharkhand
Reported in : 2003(51)BLJR1313; [2003(3)JCR452(Jhr)]
..... petitioners, in this application is for quashing of the order dated 31.5.2002 taking cognizance of the offences punishable under section 56 of the foreign exchange regulation act, 1973, r/w section 49 (3) & (4) of the foreign exchange management act, 1999 as well as the entire criminal proceeding, being complaint case no. fema 2/2002, by the learned special judge, fera/fema, ranchi. ..... of the complaint, the opposite party, prayed that the cognizance of the offence punishable under section 56 of the fera, 1973 read with section 49 (3) and (4) of foreign exchange management act, 1999 (fema) be taken against the accused petitioners and they be prosecuted for committing the aforesaid offences.5. the learned special judge by his order dated 31.5.2002, ..... dollars. the prosecution says that during the course of the investigation the accused made a confessional statement and as he has committed breach of section 8(1) of the foreign exchange regulation act, he was liable to be prosecuted and convicted.the accused, inter alia, submitted in his original application for quashing that there was no allegations against him, alleged confession ..... the ground of receipt of foreign exchange by a person in india because of the fact that the income tax authorities on the basis of declaration submitted alongwith the returns, filed by the petitioners, immunities were granted by the income tax department and, therefore, the provisions of section 9 read with section 64(2) of the act cannot be made applicable .....Tag this Judgment!
Court : Jharkhand
Reported in : [2003(2)JCR362(Jhr)]
..... empowered to try the cases under foreign exchange management act, 1999 also. it is also admitted position that the petitioner received an addendum issued by the directorate, ministry of finance, in the month of april, 2002 in ..... cheques signed by them. it is true that the complaint was filed before the chief judicial magistrate, ranchi who was duly authorized to try the case falling under the foreign exchange management act. there is no denial of the said notification published by the law department, government of jharkhand dated 17th may, 2002 whereby shri prabhu tiwary, special judge was ..... impugned as the learned special judge has been duly notified by the law department, government of jharkhand vide notification dated 17th may, 2002 for trying the case under foreign exchange management act, 1999. it is further submitted that ad-judicatory proceedings and criminal trial are two separate aspects with which a criminal court addresses the criminal justice system and that ..... the order dated 31st may, 2002, whereby and whereunder the. learned special judge took cognizance for the offences under section 56 of the foreign exchange regulation act, 1973 r/w sections 49(3) and (4) of the foreign exchange management act, 1999 in connection with case no. fema 2 of 2002.2. one complaint case has been filed against the accused persons including the .....Tag this Judgment!
Court : Delhi
Reported in : 149(2008)DLT18
..... as are not relied upon against them by the directorate of enforcement in connection with an inquiry initiated under the provisions of section 16(1) of foreign exchange management act, 1999 read with rule 4 of the foreign exchange management (adjudication proceedings & appeal) rules, 2000. the adjudicating authority's refusal to supply the said documents led to the filing of wps(c) no. ..... programme of the united nations in iraq and the report submitted by the pathak committee of inquiry, a complaint alleging violation of the provisions of section 13 of foreign exchange management act was filed against the appellants before the adjudicating authority. the authority in turn issued a show cause notice to the appellants and a few others, inter-alia, ..... for supply of documents other than those relied upon by the directorate of enforcement and fixed the date of hearing under sub-rule (3) of rule 4 of the foreign exchange management (adjudication proceedings & appeal) rules, 2000. these communications came under challenge in two different writ petitions filed by the appellants before the single judge. it was contended on ..... another order/communication of even date, the adjudicating authority decided to hold an inquiry in terms of section 16(1) of fema, 1999 read with rule 4 of the foreign exchange management (adjudication proceedings and appeal) rules, 2000.3. aggrieved by the aforesaid orders and communications, the appellant shri natwar singh filed writ petition no. 18901/2006 in this court .....Tag this Judgment!
Court : Kerala
Reported in : 272ITR230(Ker)
..... to the court saying that on conducting investigation it was revealed that the money seized by the police was brought from gulf countries in violation of the provisions of the foreign exchange management act and hence the matter was referred to the enforcement directorate for further action. moreover, a request is made by the police to give the entire records to the ..... by the high court in the above decision. the supreme court held that one government department cannot search another government department and seize documents.13. section 37 of the foreign exchange management act says that the director of enforcement and other officers of enforcement, not below the rank of an assistant director, shall take up for investigation the contravention referred to in ..... to the enforcement directorate, kozhikode. such a request was made to hand over the records of the case to the enforcement directorate because the violation of the provisions of the foreign exchange management act is not an offence the court can take cognizance of.4. the assistant director, enforcement directorate, filed c. m. p. no. 5523 of 2003 in the court of ..... magistrate stating that sections 41(1)(d) and 102 of the criminal procedure code may be deleted and investigation had to be conducted under section 3 (b) and (c) of the foreign exchange management act. annexure d is the report sent to the court stating that the police made a request to the enforcement directorate, kozhikode, to take over the investigation of the crime .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR2008SC1061; 2008(2)ALD46(SC); 2008(3)ALLMR(SC)416; 2008(1)ARBLR137(SC); 2008BusLR102(SC); (2008)1CompLJ224(SC); 2008(1)CTC348; JT2008(1)SC468; 2008(4)MhLj579; (2008)2MLJ; 2008AIRSCW667; 2008(2)ICC693; 2008(1)SCALE214
..... alternation in its register of members under section 111a.vi) compliance with rules and regulations, completing prescribed forms, giving relevant undertakings in accordance with indian foreign exchange laws and regulations such as the foreign exchange management act, 1999 and its notifications, given that the transaction involved transfer of shares from a non-resident to a resident.by pointing out, he submitted that ..... petition. in the said petition, it objected to the enforcement of the award which ordered transfer of shares which was in violation of indian laws and regulations specifically the foreign exchange management act, 1999 (in short 'fema') and its notifications. the appellant filed a suit being o.s. no. 80 of 2006 before the ist additional chief judge, city ..... which would require the ownership of the shares to be transferred to the transferee, which would involve the following steps being taken under the companies act and the rules and regulations thereunder, as well as the foreign exchange management act, 1999 (fema):i) obtaining a share transfer form 7-b and having it endorsed by the prescribed authority under the companies ..... act, 1956 in compliance with section 108.ii) execution of share transfer form 7-b by the appellant and respondent.iii) payment of stamp duty on .....Tag this Judgment!
Court : Delhi
Reported in : 156(2009)DLT172
..... volcker inquiry report are pending adjudication and, therefore, are yet to be decided by process of law and adjudication. the petitioner has objected to the applicability of the foreign exchange management act, 1999 on the ground that under section 8 of this statute, the same would apply only to a person resident in india whereas the petitioner is a non- ..... volcker commission or the pathak commission or to whom the notice to show cause has been issued.it is also pointed out by learned senior counsel, that under the foreign exchange management act, 1999, only a penalty is in fiscal terms subject to a maximum thereof has been fixed as three times of the amount of the violation is prescribed. 18 ..... , the respondents were able to crystallize the matter during the investigation and upon completion thereof, issued a show cause notice dated 2nd september, 2006 under the provisions of foreign exchange management act (fema hereafter). the show cause notice contains a reference to all the statements of the petitioner. this notice has been issued to eight other noticees apart from the ..... matter. 4. in addition, investigations were initiated by the directorate of enforcement-respondent no. 3 herein in november, 2005 into allegations of violations of the provisions of the foreign exchange management act, 1999 (fema for short) arising out of these transactions. the learned additional solicitor general has submitted that the investigations which were being conducted by the respondents were of an .....Tag this Judgment!