https://www.taxtmi.com/caselaws?id=377694 Where an exporter shows that all reasonable and permissible steps were taken to recover unpaid export proceeds, the rebuttable presumption of contravention under Section 18(3) of the Foreign Exchange Regulation Act, 1973 stands displaced. The record showed commercial correspondence, requests for intervention, legal action in Doha, engagement of counsel, and repeated applications for extension before the Reserve Bank of India. On that basis, the non-realisation of the balance proceeds was attributable to circumstances beyond control, so penalty for contravention under Section 18(2) could not be sustained. The appeal succeeded and the penalty was set aside. en-us Tue, 26 Mar 2019 00:00:00 +0530 Tue, 02 Apr 2019 07:29:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377694 Where an exporter shows that all reasonable and permissible steps were taken to recover unpaid export proceeds, the rebuttable presumption of contravention under Section 18(3) of the Foreign Exchange Regulation Act, 1973 stands displaced. The record showed commercial correspondence, requests for intervention, legal action in Doha, engagement of counsel, and repeated applications for extension before the Reserve Bank of India. On that basis, the non-realisation of the balance proceeds was attributable to circumstances beyond control, so penalty for contravention under Section 18(2) could not be sustained. The appeal succeeded and the penalty was set aside. Case-Laws FEMA Tue, 26 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377694