https://www.taxtmi.com/caselaws?id=457435 Exporters under the Foreign Exchange Regulation Act, 1973 are liable not only for non-realisation of export proceeds but also for failure to take reasonable steps to secure recovery or repatriation. Once the prescribed period expires without payment, a rebuttable presumption arises that reasonable steps were not taken. On the facts discussed, the correspondence and explanations did not establish timely or effective recovery efforts, and the plea based on the conduct of the bank or foreign buyer lacked supporting evidence. The cited precedent was treated as fact-specific and inapplicable. en-us Sat, 01 Nov 2008 00:00:00 +0530 Thu, 19 Sep 2024 16:47:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457435 Exporters under the Foreign Exchange Regulation Act, 1973 are liable not only for non-realisation of export proceeds but also for failure to take reasonable steps to secure recovery or repatriation. Once the prescribed period expires without payment, a rebuttable presumption arises that reasonable steps were not taken. On the facts discussed, the correspondence and explanations did not establish timely or effective recovery efforts, and the plea based on the conduct of the bank or foreign buyer lacked supporting evidence. The cited precedent was treated as fact-specific and inapplicable. Case-Laws FEMA Sat, 01 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457435