https://www.taxtmi.com/caselaws?id=457487 An exporter must make genuine, timely and demonstrable efforts to realise and repatriate export proceeds to rebut the statutory presumption of contravention under the Foreign Exchange Regulation Act; belated correspondence, an unpursued civil suit, and no steps for extension, write-off, or diplomatic assistance were held insufficient, so the default finding was sustained. Directors and officers can be fastened with vicarious liability where the notice specifically alleges that they were in charge of and responsible for the company's business, and that responsibility is not disproved; the Managing Director and Chairman were therefore not exonerated. A penalty will not be interfered with merely as excessive unless it is shown to be harsh or disproportionate; no such basis was found. en-us Tue, 15 Jul 2008 00:00:00 +0530 Fri, 20 Sep 2024 16:02:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457487 An exporter must make genuine, timely and demonstrable efforts to realise and repatriate export proceeds to rebut the statutory presumption of contravention under the Foreign Exchange Regulation Act; belated correspondence, an unpursued civil suit, and no steps for extension, write-off, or diplomatic assistance were held insufficient, so the default finding was sustained. Directors and officers can be fastened with vicarious liability where the notice specifically alleges that they were in charge of and responsible for the company's business, and that responsibility is not disproved; the Managing Director and Chairman were therefore not exonerated. A penalty will not be interfered with merely as excessive unless it is shown to be harsh or disproportionate; no such basis was found. Case-Laws FEMA Tue, 15 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457487