https://www.taxtmi.com/caselaws?id=101375 Section 12(2) of the Foreign Exchange Regulation Act, 1947 was construed broadly to cover export-on-sale transactions as well as exports made for sale. The opening words were treated as descriptive of the person accountable for sale proceeds, not as limiting the class of export transactions. Clauses (a) and (b) were read as part of a scheme requiring prompt and full repatriation of foreign exchange earned on exports. Section 10 was held not to govern export proceeds, because section 12 was the specific and complete code. Section 12(6) reinforced this construction by supporting the compliance mechanism and the statutory object of preventing loss or siphoning of foreign exchange. en-us Tue, 13 Jan 1987 00:00:00 +0530 Sat, 12 Nov 2016 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101375 Section 12(2) of the Foreign Exchange Regulation Act, 1947 was construed broadly to cover export-on-sale transactions as well as exports made for sale. The opening words were treated as descriptive of the person accountable for sale proceeds, not as limiting the class of export transactions. Clauses (a) and (b) were read as part of a scheme requiring prompt and full repatriation of foreign exchange earned on exports. Section 10 was held not to govern export proceeds, because section 12 was the specific and complete code. Section 12(6) reinforced this construction by supporting the compliance mechanism and the statutory object of preventing loss or siphoning of foreign exchange. Case-Laws FEMA Tue, 13 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101375