https://www.taxtmi.com/caselaws?id=457653 An exporter is liable under section 18(2) of the Foreign Exchange Regulation Act, 1973 where export proceeds are not realised or repatriated and the exporter cannot show bona fide, reasonable and demonstrable recovery efforts. Mere explanation for non-recovery is insufficient if no documentary proof of effective steps is produced, including pursuit of the foreign buyer through institutional or legal channels or an application for write-off to the Reserve Bank. On the stated facts, the absence of such proof meant contravention was established and the penalty was sustained. en-us Thu, 10 Nov 2005 00:00:00 +0530 Wed, 25 Sep 2024 11:48:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457653 An exporter is liable under section 18(2) of the Foreign Exchange Regulation Act, 1973 where export proceeds are not realised or repatriated and the exporter cannot show bona fide, reasonable and demonstrable recovery efforts. Mere explanation for non-recovery is insufficient if no documentary proof of effective steps is produced, including pursuit of the foreign buyer through institutional or legal channels or an application for write-off to the Reserve Bank. On the stated facts, the absence of such proof meant contravention was established and the penalty was sustained. Case-Laws FEMA Thu, 10 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457653