STATE OF MAHARASHTRA Vs. NARBHERAM M PAREKH

JUDGEMENT

(1.) THIS petition is filed by the State of Maharashtra at the instance of the Direction of Enforcement against the order passed by the Chairman of the Foreign Exchange Regulation Appellate Court allowing the respondents Appeal against the order of the Adjudication Officer under the Foreign Exchange Regulation Act, 1973 imposing a penalty of Rs. 10,000/- upon the respondent on the ground that he has failed offer for sale the foreign exchange of the worth of 3000 pounds in contravention of the provisions of section 14 of the said Act.

(2.) THERE is practically no dispute about the facts which are stated quite precisely by the Court in its judgment which is appealed from:---

(3.) IN Appeal, the Board has accepted the position that---