https://www.taxtmi.com/caselaws?id=457554 Section 18(2) of the Foreign Exchange Regulation Act, 1973 requires an exporter to take reasonable steps to realise and repatriate export proceeds, and section 18(3) raises a rebuttable presumption of contravention where payment is not received within the prescribed period. Rule 8 of the Foreign Exchange Regulations Rules, 1974 similarly requires realisation within the stipulated time. On the stated facts, the exporter's efforts were found inadequate, no extension of time or waiver was obtained, and no satisfactory material displaced the statutory presumption. The penalty order was therefore upheld. en-us Thu, 20 Dec 2007 00:00:00 +0530 Mon, 23 Sep 2024 17:23:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457554 Section 18(2) of the Foreign Exchange Regulation Act, 1973 requires an exporter to take reasonable steps to realise and repatriate export proceeds, and section 18(3) raises a rebuttable presumption of contravention where payment is not received within the prescribed period. Rule 8 of the Foreign Exchange Regulations Rules, 1974 similarly requires realisation within the stipulated time. On the stated facts, the exporter's efforts were found inadequate, no extension of time or waiver was obtained, and no satisfactory material displaced the statutory presumption. The penalty order was therefore upheld. Case-Laws FEMA Thu, 20 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457554