https://www.taxtmi.com/caselaws?id=438972 Section 18(3) of the Foreign Exchange Regulation Act, 1973 creates a rebuttable presumption that unpaid export proceeds were not pursued with all reasonable steps. The exporter bears the burden of showing that fair, practicable and sensible recovery measures were taken. Filing a civil suit in India for the balance export price, where the export transaction originated in India and the court had jurisdiction, may constitute a competent recovery step. Where execution in India is ineffective because the debtor has no assets, and pursuing execution abroad is impracticable or uneconomic, those circumstances may support rebuttal of the presumption. en-us Thu, 08 Jun 2023 00:00:00 +0530 Wed, 14 Jun 2023 01:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438972 Section 18(3) of the Foreign Exchange Regulation Act, 1973 creates a rebuttable presumption that unpaid export proceeds were not pursued with all reasonable steps. The exporter bears the burden of showing that fair, practicable and sensible recovery measures were taken. Filing a civil suit in India for the balance export price, where the export transaction originated in India and the court had jurisdiction, may constitute a competent recovery step. Where execution in India is ineffective because the debtor has no assets, and pursuing execution abroad is impracticable or uneconomic, those circumstances may support rebuttal of the presumption. Case-Laws FEMA Thu, 08 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438972