ATFFE holds penalty imposed on BCCI officials for contravention of FEMA norms as excessive

FEMA: Where pursuant to an agreement between Cricket South Africa (CSA) and BCCI, IPL - 2 was organized in South Africa, April-May, 2009 on payment of fixed fee by BCCI but Special Director by impugned order imposed penalty upon appellants i.e. BCCI and its officers for contravention of provisions of FEMA in those transactions,

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