https://www.taxtmi.com/caselaws?id=423324 An exporter must take all reasonable steps to realise export proceeds before the statutory presumption of contravention under foreign exchange law is displaced. Mere correspondence with the foreign buyer, embassy, agents and bank, without pursuing the civil remedy to completion, was treated as only preliminary and insufficient to show diligent recovery action. The RBI write-off was also regarded as technical rather than a merits-based recognition that adequate steps had been taken. The appellant therefore failed to rebut the presumption, and the penalty for contravention was upheld. en-us Tue, 31 May 2022 00:00:00 +0530 Sat, 04 Jun 2022 08:31:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423324 An exporter must take all reasonable steps to realise export proceeds before the statutory presumption of contravention under foreign exchange law is displaced. Mere correspondence with the foreign buyer, embassy, agents and bank, without pursuing the civil remedy to completion, was treated as only preliminary and insufficient to show diligent recovery action. The RBI write-off was also regarded as technical rather than a merits-based recognition that adequate steps had been taken. The appellant therefore failed to rebut the presumption, and the penalty for contravention was upheld. Case-Laws FEMA Tue, 31 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423324