https://www.taxtmi.com/caselaws?id=457543 Exporters must take prompt, effective and reasonable steps to secure repatriation of export proceeds, and mere filing of a recovery suit, incomplete litigation, or limited correspondence was insufficient to rebut the statutory presumption of non-realisation. Settlement correspondence with the foreign buyer was treated as an acknowledgement of debt in favour of a non-resident, which fell within the statutory prohibition absent Reserve Bank permission. Failure to recover the unpaid foreign exchange was also treated as a contravention where no effective measure was shown to prevent delay or loss of receipt. The penalties were upheld on the merits. en-us Mon, 18 Feb 2008 00:00:00 +0530 Mon, 23 Sep 2024 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457543 Exporters must take prompt, effective and reasonable steps to secure repatriation of export proceeds, and mere filing of a recovery suit, incomplete litigation, or limited correspondence was insufficient to rebut the statutory presumption of non-realisation. Settlement correspondence with the foreign buyer was treated as an acknowledgement of debt in favour of a non-resident, which fell within the statutory prohibition absent Reserve Bank permission. Failure to recover the unpaid foreign exchange was also treated as a contravention where no effective measure was shown to prevent delay or loss of receipt. The penalties were upheld on the merits. Case-Laws FEMA Mon, 18 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457543