https://www.taxtmi.com/caselaws?id=72322 Section 12(2) of the Foreign Exchange Regulation Act, 1947 required an exporter of notified goods to ensure that export proceeds were received in the prescribed manner and represented the full amount payable, subject only to permitted deductions. On the facts noted, the exporter made a private sale, did not comply with Reserve Bank directions, and repatriated only part of the export value without proving the amount actually realised. The authorities disbelieved the claim that only half the value had been paid, and the record showed that the full transaction value was US $ 5976 while only US $ 2931.42 was repatriated. The violation was upheld and the penalty order sustained. en-us Tue, 02 Sep 1986 00:00:00 +0530 Tue, 29 Jul 2014 16:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=72322 Section 12(2) of the Foreign Exchange Regulation Act, 1947 required an exporter of notified goods to ensure that export proceeds were received in the prescribed manner and represented the full amount payable, subject only to permitted deductions. On the facts noted, the exporter made a private sale, did not comply with Reserve Bank directions, and repatriated only part of the export value without proving the amount actually realised. The authorities disbelieved the claim that only half the value had been paid, and the record showed that the full transaction value was US $ 5976 while only US $ 2931.42 was repatriated. The violation was upheld and the penalty order sustained. Case-Laws FEMA Tue, 02 Sep 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=72322