Order imposing penalty could not be sustained due to failure to serve notice to petitioner: HC

FEMA, BANKING & INSURANCE : Where a show cause notice alleging illegal remittance of Rs. 14.67 crores by petitioner from Dubai to his brother in India, without any general or special exemption from RBI was not served upon petitioner, impugned ex parte order imposing penalty upon petitioner was not sustainable and, thus, was to be set aside

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