Penalty of Rs. 5 lakh was justified as petitioner failed to achieve 'Net Foreign Exchange' as mandated under SEZ Rules

FEMA, BANKING amp; INSURANCE : Where petitioner company working in SEZ had failed to achive positive NFE as mandated under SEZ Rules and it had also submitted wrong and misleading information to show positive NFE and thus, violated provisions of section 11, Adjudicating Authority had rightly imposed penalty of Rs. 5 lakh on petitioner

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