https://www.taxtmi.com/caselaws?id=76041 Under the Foreign Exchange Regulation Act, 1973, an exporter seeking to rebut the statutory presumption of contravention for non-realisation of export proceeds had to show sincere and reasonable steps to recover the dues. The Court noted that the exporter did not produce liquidation documents of the foreign buyer, did not obtain the required confirmation from the Indian High Commission, and did not seek extension of time from the Reserve Bank of India. The correspondence also indicated settlement directly with the overseas buyer without RBI permission. On these facts, the presumption was not rebutted, and the finding of contravention with the reduced penalty was upheld. en-us Mon, 11 May 2009 00:00:00 +0530 Mon, 30 Apr 2012 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76041 Under the Foreign Exchange Regulation Act, 1973, an exporter seeking to rebut the statutory presumption of contravention for non-realisation of export proceeds had to show sincere and reasonable steps to recover the dues. The Court noted that the exporter did not produce liquidation documents of the foreign buyer, did not obtain the required confirmation from the Indian High Commission, and did not seek extension of time from the Reserve Bank of India. The correspondence also indicated settlement directly with the overseas buyer without RBI permission. On these facts, the presumption was not rebutted, and the finding of contravention with the reduced penalty was upheld. Case-Laws FEMA Mon, 11 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76041