SYED FAREED SAHIB Vs. FOREIGN EXCHANGE REGULATION APPELLATE BOARD, MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS, NEW DELHI AND ANOTHER

JUDGEMENT

(1.) THIS appeal is directed against the order of the Foreign Exchange Regulation Appellate Board made in appeal No. 478/77 by which a penalty of Rs. 3,600/ - was imposed on the appellant

(2.) IN this appeal, the notice regarding admission was issued in October 1979. It has taken almost 3 years to effect service to the respondents. Today it is listed against for admission, but we would like to dispose of the same on the merits since both the parties are represented by counsel.

(3.) THE appellant Syed Fareed Sahib has a son called Syed Ismail. He is pursuing his higher -studies in Canada. He had no money to go to Canada. So, he borrowed some amount from one money -lender Shankarlal at Bangarpet and went to Canada. It appears that he is now employed also. He has sent two drafts - one for 250 U.S. Dollars and another for 385 U.S. Dollars to his father for onward transmission to Syed Meer. Both the drafts were drawn in the name of Syed Meer. This Syed Meer has nothing to do with the transaction between Shankarlal and Syed Ismail. Syed Fareed delivered the drafts to syed Meer and in return received Rupees 50,80/ - in Indian currency and paid the same to Shankarlal.