https://www.taxtmi.com/caselaws?id=457646 An exporter must take reasonably sufficient steps to secure repatriation of export proceeds within the prescribed or extended period under FERA, and section 18(3) raises a rebuttable presumption that reasonable steps were not taken if payment remains unrealised. The tribunal found that letters sent through the authorised banker and directly to the foreign buyer, together with an alleged visit by a representative, did not amount to effective recovery efforts sufficient to rebut that presumption. The penalty and adjudication order were therefore sustained, and the appeal failed. en-us Wed, 30 Nov 2005 00:00:00 +0530 Wed, 25 Sep 2024 11:48:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457646 An exporter must take reasonably sufficient steps to secure repatriation of export proceeds within the prescribed or extended period under FERA, and section 18(3) raises a rebuttable presumption that reasonable steps were not taken if payment remains unrealised. The tribunal found that letters sent through the authorised banker and directly to the foreign buyer, together with an alleged visit by a representative, did not amount to effective recovery efforts sufficient to rebut that presumption. The penalty and adjudication order were therefore sustained, and the appeal failed. Case-Laws FEMA Wed, 30 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457646