https://www.taxtmi.com/caselaws?id=279765 An exporter is liable for failure to realise export proceeds under FERA section 18(2) only where it has not taken all reasonable steps to recover payment; mere non-realisation is insufficient. On the facts, pursuit of buyers, banks and the Reserve Bank, requests for extension, and evidence of non-delivery or local-currency payment showed no sustainable contravention, so the related penalties fell. Penalties under section 68(1) could not survive once the principal contravention failed, and responsibility had not been fixed on all partners. The alleged breaches under sections 9(1)(a) and 9(1)(c) also were not made out, as the disputed payment, acknowledgement and agreement did not establish a prohibited act by the appellants. en-us Fri, 17 Sep 1999 00:00:00 +0530 Thu, 04 Apr 2019 15:42:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279765 An exporter is liable for failure to realise export proceeds under FERA section 18(2) only where it has not taken all reasonable steps to recover payment; mere non-realisation is insufficient. On the facts, pursuit of buyers, banks and the Reserve Bank, requests for extension, and evidence of non-delivery or local-currency payment showed no sustainable contravention, so the related penalties fell. Penalties under section 68(1) could not survive once the principal contravention failed, and responsibility had not been fixed on all partners. The alleged breaches under sections 9(1)(a) and 9(1)(c) also were not made out, as the disputed payment, acknowledgement and agreement did not establish a prohibited act by the appellants. Case-Laws FEMA Fri, 17 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279765