https://www.taxtmi.com/caselaws?id=457545 The exporter was required to realise the full export value within the prescribed period under Rule 8 of the Foreign Exchange Regulation Rules, 1974, and a failure to receive payment within that period raised a rebuttable presumption under section 18(3) of the Foreign Exchange Regulation Act, 1973, that reasonable steps to secure repatriation had not been taken. The Tribunal found that the appellant did not displace that presumption, as the later bankruptcy of the foreign buyer and a pending write-off request did not show reasonable efforts during the relevant period. The penalty order was therefore upheld for contravention of section 18(2). en-us Thu, 03 Jan 2008 00:00:00 +0530 Mon, 23 Sep 2024 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457545 The exporter was required to realise the full export value within the prescribed period under Rule 8 of the Foreign Exchange Regulation Rules, 1974, and a failure to receive payment within that period raised a rebuttable presumption under section 18(3) of the Foreign Exchange Regulation Act, 1973, that reasonable steps to secure repatriation had not been taken. The Tribunal found that the appellant did not displace that presumption, as the later bankruptcy of the foreign buyer and a pending write-off request did not show reasonable efforts during the relevant period. The penalty order was therefore upheld for contravention of section 18(2). Case-Laws FEMA Thu, 03 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457545