Union of India vs U. A. E. Exchange Centre

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2020 Supreme(SC) 331

A.M.KHANWILKAR, AJAY RASTOGI
Union of India – Appellant
Versus
U. A. E. Exchange Centre – Respondent

Advocates Appeared:
For the Appellant(s) :B.V. Balaram Das, Advocate
For the Respondent(s):Saharya & Co., Advocate

JUDGMENT :

A.M. KHANWILKAR, J.

1. The respondent is a limited company incorporated in the United Arab Emirates (UAE). It is engaged in offering, among others, remittance services for transferring amounts from UAE to various places in India. It had applied for a permission under Section 29(1)(a) of the Foreign Exchange Regulation Act, 1973 (for short, “the 1973 Act”), pursuant to which approval was granted by the Reserve Bank of India (for short, “the RBI”) vide letter dated 24.9.1996. The same reads thus: -

“Telegrams

“RESERV BANK”

BOMBAY

Please quote Ref. in Reply

RESERVE BANK OF INDIA

EXCHANGE CONTROL DEPARTMENT CENTRAL OFFICE

CENTRAL OFFICE BUILDING BOMBAY – 400 023.

Post Box No. 1055

Fax No.: 022-2665330

022-2654121

Ref. No. EC Co. FID(I)/137/10-I-05-02/3975 (Activity)/96-97

BY AIR MAIL/REGISTERED A.D.

U.A.E. Exchange Centre L.L.C., 24 Sep 1996

Post Box 170,

Abu Dhabi,

UAE.

Dear Sirs,

Permission under Section 29(1)(a) of the Foreign Exchange Regulation Act, 1973 for opening a liaison office in India

Please refer to your application dated Nil and the correspondence rest

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2020 Supreme(SC) 331

A.M.KHANWILKAR, AJAY RASTOGIUnion of India – AppellantVersusU. A. E. Exchange Centre – Respondent

Cases Referred (8)

A.M.KHANWILKAR, AJAY RASTOGI
Union of India – Appellant
Versus
U. A. E. Exchange Centre – Respondent