https://www.taxtmi.com/caselaws?id=457441 Proceedings for contraventions under the repealed foreign-exchange regime remain timely where notice is issued within two years of the commencement of the Foreign Exchange Management Act, 1999; the sunset clause restricts cognizance only after that period. Failure to realise export proceeds within the prescribed period creates a rebuttable presumption of contravention. The exporter must establish genuine and reasonable recovery efforts to displace that presumption. A director who participated in export declarations and transactions may be responsible for the default unless statutory obligations were duly discharged or lack of responsibility is established. Penalty may be sustained where unrealised proceeds and insufficient recovery evidence establish the contravention. 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+0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457441 Proceedings for contraventions under the repealed foreign-exchange regime remain timely where notice is issued within two years of the commencement of the Foreign Exchange Management Act, 1999; the sunset clause restricts cognizance only after that period. Failure to realise export proceeds within the prescribed period creates a rebuttable presumption of contravention. The exporter must establish genuine and reasonable recovery efforts to displace that presumption. A director who participated in export declarations and transactions may be responsible for the default unless statutory obligations were duly discharged or lack of responsibility is established. Penalty may be sustained where unrealised proceeds and insufficient recovery evidence establish the contravention. Case-Laws FEMA Wed, 10 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457441