FFR SOFTWARE PVT. LTD. Vs. UNION OF INDIA

JUDGEMENT

(1.) Learned Advocate Mr.Kshitij Amin waives service of Rule on behalf of respondent No.1 and learned Advocate Mr.Amar Bhatt waives service of Rule on behalf of respondent No.3.

(2.) This petition under Article 226 of the Constitution of India is filed challenging order dated 24.05.2017 passed by respondent No.3-Reserve Bank of India. By the aforesaid order, application dated 30.12.2016 by the petitioner seeking compounding of contravention of Regulation 7 of FEMA was not entertained and returned to the petitioner.

(3.) Learned Advocate for the petitioner submitted that the petitioner is engaged in import-export activities and in due course of business, had made sales agreement with overseas buyers which was confirmed by the overseas buyers by purchase contract dated 15.12.2008. Against such purchases, the petitioner had received advance payment from time to time.