https://www.taxtmi.com/caselaws?id=457441 The sunset clause under the Foreign Exchange Management Act, 1999 was applied to proceedings initiated within two years of commencement, so the limitation objection failed. The note also explains that unrealised export proceeds can trigger a rebuttable presumption of contravention under the export realisation regime, and the exporter must show genuine, reasonable efforts to recover the dues. On the stated facts, no sufficient material showed such efforts, and the director's participation in the export declarations supported liability for the default. The penalty was treated as proportionate to the contravention and sustained. en-us Wed, 10 Sep 2008 00:00:00 +0530 Thu, 19 Sep 2024 18:03:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457441 The sunset clause under the Foreign Exchange Management Act, 1999 was applied to proceedings initiated within two years of commencement, so the limitation objection failed. The note also explains that unrealised export proceeds can trigger a rebuttable presumption of contravention under the export realisation regime, and the exporter must show genuine, reasonable efforts to recover the dues. On the stated facts, no sufficient material showed such efforts, and the director's participation in the export declarations supported liability for the default. The penalty was treated as proportionate to the contravention and sustained. Case-Laws FEMA Wed, 10 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457441