https://www.taxtmi.com/caselaws?id=73236 Section 12(2) of the Foreign Exchange Regulation Act, 1947 was construed as applying to exports under firm contracts of sale as well as consignment sales. The phrase "person entitled to sell or procure the sale of the said goods" was treated as descriptive rather than limited to a narrow category of consignment transactions. The construction was preferred because it aligned with the statutory object of conserving foreign exchange and securing effective control over export proceeds, and it was supported by the Sale of Goods Act analogy and the broader reasoning adopted by the Madras view over the narrower literal approach. en-us Thu, 10 Jul 1986 00:00:00 +0530 Thu, 18 Aug 2011 16:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=73236 Section 12(2) of the Foreign Exchange Regulation Act, 1947 was construed as applying to exports under firm contracts of sale as well as consignment sales. The phrase "person entitled to sell or procure the sale of the said goods" was treated as descriptive rather than limited to a narrow category of consignment transactions. The construction was preferred because it aligned with the statutory object of conserving foreign exchange and securing effective control over export proceeds, and it was supported by the Sale of Goods Act analogy and the broader reasoning adopted by the Madras view over the narrower literal approach. Case-Laws FEMA Thu, 10 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=73236