https://www.taxtmi.com/caselaws?id=457578 A partner of an exporting firm remained liable for non-realisation of export proceeds where no material showed reasonable steps to recover the dues within the prescribed period or any request for extension or waiver to the RBI. A private arrangement between partners did not displace the statutory obligation under section 18(2) or the presumption under section 18(3) of the Foreign Exchange Regulation Act, 1973, so contravention was upheld. The penalty was nevertheless moderated because the exports were old, the appellant had retired long before, and the original quantum was considered excessive in the circumstances. en-us Fri, 18 Aug 2006 00:00:00 +0530 Mon, 23 Sep 2024 18:51:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457578 A partner of an exporting firm remained liable for non-realisation of export proceeds where no material showed reasonable steps to recover the dues within the prescribed period or any request for extension or waiver to the RBI. A private arrangement between partners did not displace the statutory obligation under section 18(2) or the presumption under section 18(3) of the Foreign Exchange Regulation Act, 1973, so contravention was upheld. The penalty was nevertheless moderated because the exports were old, the appellant had retired long before, and the original quantum was considered excessive in the circumstances. Case-Laws FEMA Fri, 18 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457578