The High Court of Delhi has partially allowed appeals filed by three individuals against orders of the Appellate Tribunal for Foreign Exchange, ruling that while penalties for contravening the Foreign Exchange Management Act, 1999 (FEMA) were justified, the subsequent confiscation of their bank funds was “non-speaking and without any reason.” The Division Bench, comprising Justice
Repeal of FEMA Regulation Doesn’t Wipe Out Past Violations; Confiscation Needs Reasons: Delhi HC
