Are plaintiffs entitled for a declaration for the cancellation of the sale deed u/s 31 of the Foreign Exchange Regulation Act, 1973?

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Last updated: 10 March 2021
Quick Summary
This Supreme Court case examines whether a transaction made in contravention of Section 31 of the Foreign Exchange Regulation Act, 1973, is void or merely voidable. The central issue revolves around a property gifted without the Reserve Bank of India's prior permission, leading to disputes over its validity and who can seek its cancellation. The court's decision clarifies the legal standing of such transactions.

Court :
Supreme Court of India

Brief :
The central issue in this appeal is in reference to Section 31of the Foreign Exchange Regulation Act, 19731. To wit,transaction (specified in Section 31 of the 1973 Act) entered into incontravention of that provision is void or is only voidable and it can be voided at whose instance?

Citation :
CIVIL APPEAL NO. 9546 OF 2010

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