https://www.taxtmi.com/caselaws?id=76992 Failure to realise export proceeds within the prescribed period under FERA gives rise to a rebuttable presumption of contravention, and liability follows where the exporter cannot show timely, reasonable steps to recover the amount. The record showed no contemporaneous effort before expiry of the statutory period, so the presumption was not displaced and contravention was treated as complete. Repeal of FERA by FEMA did not extinguish liability for offences already committed under the repealed Act because of the savings provision. The penalty order was restored. en-us Fri, 06 Nov 2009 00:00:00 +0530 Fri, 06 Aug 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76992 Failure to realise export proceeds within the prescribed period under FERA gives rise to a rebuttable presumption of contravention, and liability follows where the exporter cannot show timely, reasonable steps to recover the amount. The record showed no contemporaneous effort before expiry of the statutory period, so the presumption was not displaced and contravention was treated as complete. Repeal of FERA by FEMA did not extinguish liability for offences already committed under the repealed Act because of the savings provision. The penalty order was restored. Case-Laws Customs Fri, 06 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76992