( 1 ) THE question that this appeal under Section 23-E of the foreign Exchange Regulation Act, 1947. hereinafter called the Act raised is a short but by no means an easy one whether a travel agency which, pursuant to a group travel scheme and in consideration of money received in India, provides not only passage abroad but board, lodging and transportation and renders certain other services to the passengers there, could be said to have sold foreign exchange to the passengers so as to be within the mischief of Section 4 (1) of the Act.

( 2 ) THE facts, as found by the Director of enforcement in the original proceedings and confirmed by the Foreign Exchange Regulation Appellate Board in appeal under Section 23-E of the Act and which, by virtue of the aforesaid concurrent finding of facts, as indeed, the_limited scope of the present appeal, are beyond challenge, are that the appellant a travel agency, sponsored a scheme of group travel abroad is collaboration with a certain airline and perhaps some other people, with whom we are not concerned in the present appeal, by which in consideration of money received here in India. from each of the passengers, the appellant provi