Society couldn't be held guilty of violating FEMA provision as it made plea for permission for repartition of money

FEMA, BANKING & INSURANCE: Where a society incorporated in India inherited foreign exchange and made various applications to Home Ministry for granting permission for reparitation of said amount in India but Home Ministry did not grant permission, later, it could not be held guilty of violating provisions of FEMA i.e. for holding foreign exchange outside India

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