STANDARD CHARTERED BANK Vs. DIRECTORATE OF ENFORCEMENT

JUDGEMENT

(1.) Present appeal has been preferred by the appellant bank against order dated 14th May, 2010 passed by the Appellate Tribunal for Foreign Exchange upholding an order of the adjudicating authority dated 8th December, 2004, whereby a penalty of 2,00,000/- was imposed upon the appellant for contravention of the provisions of Section 6(4), 6(5),73(3), 49 and 9(1)(e) of Foreign Exchange Regulation Act, 1973 read with Para 29(B).8(c) of Exchange Control Manual, 1987 (as amended).

(2.) A show cause notice was issued against the appellant along with other noticee because of accepting foreign exchange deposit in NRI account through a person other than the account holder in the year 1992-93, alleging :

(3.) Section 68 of the Foreign Exchange Regulation Act, 1973 (FERA) was made part of the notice which reads as under: