https://www.taxtmi.com/caselaws?id=102351 Exporters who act bona fide with normal banking precautions and due diligence are not in contravention of section 18(2) of the Foreign Exchange Regulation Act, 1973 where non-realisation of export proceeds results from third-party conduct or circumstances beyond their control. The cargo was released by the carrier without the required documents and without the exporters' consent, and they promptly pursued recovery through correspondence and a civil suit. On those facts, the statutory requirement of delayed repatriation caused by the exporter's own act, omission, or refraining from action was not satisfied, so no contravention was established and the penalty could not stand. en-us Thu, 04 Mar 1993 00:00:00 +0530 Tue, 14 Feb 2012 15:50:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102351 Exporters who act bona fide with normal banking precautions and due diligence are not in contravention of section 18(2) of the Foreign Exchange Regulation Act, 1973 where non-realisation of export proceeds results from third-party conduct or circumstances beyond their control. The cargo was released by the carrier without the required documents and without the exporters' consent, and they promptly pursued recovery through correspondence and a civil suit. On those facts, the statutory requirement of delayed repatriation caused by the exporter's own act, omission, or refraining from action was not satisfied, so no contravention was established and the penalty could not stand. Case-Laws Companies Law Thu, 04 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102351