https://www.taxtmi.com/caselaws?id=101574 Section 12(2) of the Foreign Exchange Regulation Act was construed purposively to advance conservation of foreign exchange, and the obligation to repatriate export proceeds was held to extend beyond consignment sales to completed sales under a foreign buyer contract. The phrase "person entitled to sell or procure the sale of" was treated as descriptive, not restrictive, so exports under firm sale contracts also fell within the provision. On that construction, non-repatriation of the full export proceeds amounted to contravention, and the finding of liability, with the reduced penalty, was upheld. en-us Thu, 10 Jul 1986 00:00:00 +0530 Fri, 10 Feb 2012 12:37:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101574 Section 12(2) of the Foreign Exchange Regulation Act was construed purposively to advance conservation of foreign exchange, and the obligation to repatriate export proceeds was held to extend beyond consignment sales to completed sales under a foreign buyer contract. The phrase "person entitled to sell or procure the sale of" was treated as descriptive, not restrictive, so exports under firm sale contracts also fell within the provision. On that construction, non-repatriation of the full export proceeds amounted to contravention, and the finding of liability, with the reduced penalty, was upheld. Case-Laws Companies Law Thu, 10 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101574