( 1 ) THIS appeal under Section 54 of the Foreign exchange Regulation Act, 1973 (in short fera ) read with Section 35 of the Foreign Exchange Management Act, 1999 (for short fema ) is directed against the order of the Appellate Tribunal for Foreign Exchange dated 19. 5. 2003 thereby dismissing a revision petition filed by the Enforcement Directorate against the order of Special director of Enforcement (Adjudicating Authority) dated 27. 3. 2001 by which the Adjudicating Authority exonerated the respondent/noticee Prem Khanna of the charges under section 8 (1) of FERA and dropped the charges/proceedings against him.

( 2 ) BRIEFLY, the relevant facts leading to the present appeal are that a show-cause notice No. T-4/60- b/sde/pka/99 dated 17th June, 1999 was issued to the respondent-Prem Khanna with the allegations that during the period 1993-1995 he had unlawfully acquired Sterling ponds 4,22,515. 00 in India in violation of Section 8 (1) of FERA read with Rule 4 of Non-resident (External) accounts Rules, 1970 read with Foreign Exchange Manual, 1993. The allegation against the respondent was that he is a Non-resident Indian having business concerns in united Kingdom.