APPELLATE TRIBUNAL UNDER SAFEMA AT NEW DELHI FPA-FE-11/BNG/2015 Shri B.M. Rakesh … Appellant Versus The Joint Director Directorate of Enforcement, Bangalore … Respondent Advocates/Authorized Representatives who appeared For the Appellant : Mr. Richick Harikant, Adv.

Mr. Sumit Kumar, Adv.

Mr. Prem Ranjan Kumar, Adv.

For the Respondent : Mr. Surrender Kumar, Adv.

CORAM JUSTICE MUNISHWAR NATH BHANDARI : CHAIRMAN SHRI BALESH KUMAR : MEMBER

FINAL ORDER

18.03.2025 This Order would dispose of the Appeal No. FPA-FE-11/BNG/2015 filed by Shri B. M Rakesh against the Order No. JD/02/BZ/2014-15/(FEMA)/(JD- SA) dated 27.05.2014 (Impugned Order) passed by Joint Director, Enforcement Directorate, Bangalore. Penalty of Rs. 14,20,000/- was imposed on the Appellant vide the Impugned Order for contravention of provisions of the Foreign Exchange Management Act 1999 (FEMA). Besides, the imposition of penalty, the seized amount of Indian Currency Rs. 36,72,000/-, Euro 1785 & AED 15 were confiscated. Penalty of Rs. 3,00,000/- has been imposed on one Shri Nemichand Jain who is not an Appellant in the present proceedings.

2. Ld. Adjudicating Authority vide the Impugned Order has found the following contravention