JUDGMENT :

Reetobroto Kumar Mitra, J.

1. The present appeal challenges an order passed by a learned Single Judge on 1st April, 2025, dismissing the Writ Petition filed by the appellant herein. The primary prayer in the Writ Petition was that the writ petitioner be permitted to renew the compounding application made by him, thereby quashing the rejection of the compounding application on 11th September, 2024.

2. The facts in a nutshell are:-

a. The petitioner utilised the liberalised remittance scheme between February 2011 and 8th February 2013 to remit USD5,99,999 equivalent to (at prevailing exchange rate at the time) Rs. 2.97 crores to the LGT Bank of Singapore.

b. The purpose of such remittance was to invest in international bonds, securities and mutual funds through a foreign currency denominated portfolio investment account.

c. The amount invested by the petitioner was used to earn profit for the LGT Bank from its own portfolio bank.

d. The bank would give short term advances for optimising gains against the pledge of investment held in the appellant’s portfolio account.

e. Such investment resulted in large gains for the petitioner.

f. The petitioner, some time in 2015, closed the acco