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VIJAY LAXMI
Cox & Kings (India) Ltd. – Appellant
Versus
Director, Enforcement Directorate – Respondent
1. The following order is delivered by Km. Vijay Laxmi, Member, Appellate Tribunal for Foreign Exchange:
2. This appeal has been filed against Adjudication Order No. ADJ/2/AD(BDB)/B/2001/3719 dt.25.02.02 passed by Assistant Director, Directorate of Enforcement, Mumbai imposing a penalty of Rs. 10,000/- (Rupees ten thousand only) against the appellant company M/s. Cox & Kings (India) Ltd. A full fledged money changer for failure on their part to comply the conditions laid down in the licence issued by the Reserve Bank of India while releasing foreign exchange totaling to U.S $12,610/- in travelers cheques and U.S $4790 in currency notes to different passengers for contravention of the provisions of Section 7 & 49 of FERA, 1973 r/w paragraph 8A 1 (ii) item XV of the Annexure 1 to Chapter 8 of ECM and paragraph 11 of the FLM r/w 73 (3) of FERA 1973.
3. I have heard elaborate arguments from Learned Senior Advocate, Shri. A.N. Haksar on behalf of the appellant and Shri. A.C. Singh, DLA, for the respondent and gone through the record, relevant law and judicial pronouncements carefully. A Show Cause Notice was issued against the appellant company, M/s. Cox & Kings (India) Ltd., a Full
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