https://www.taxtmi.com/caselaws?id=457580 An exporter can rebut the statutory presumption of default by showing reasonable steps to realise and repatriate export proceeds. Repeated follow-up with the foreign buyer, assistance sought from the Indian Consulate and the Ministry of External Affairs, reminders to the banker, and an RBI extension supported the finding that reasonable efforts were made. Since the proceeds were ultimately repatriated, the adverse presumption under section 18(3) stood displaced and penalty for contravention of section 18(2) of the Foreign Exchange Regulation Act, 1973 could not be sustained. A merely imperfect presentation of those efforts was not enough to justify penalty where the substance of compliance was established. en-us Fri, 06 Jan 2006 00:00:00 +0530 Mon, 23 Sep 2024 18:51:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457580 An exporter can rebut the statutory presumption of default by showing reasonable steps to realise and repatriate export proceeds. Repeated follow-up with the foreign buyer, assistance sought from the Indian Consulate and the Ministry of External Affairs, reminders to the banker, and an RBI extension supported the finding that reasonable efforts were made. Since the proceeds were ultimately repatriated, the adverse presumption under section 18(3) stood displaced and penalty for contravention of section 18(2) of the Foreign Exchange Regulation Act, 1973 could not be sustained. A merely imperfect presentation of those efforts was not enough to justify penalty where the substance of compliance was established. Case-Laws FEMA Fri, 06 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457580