https://www.taxtmi.com/caselaws?id=457645 Unauthorised reduction of export value and adjustment of dues against foreign buyers without Reserve Bank permission constituted contravention of the export control requirements under FERA. Where export proceeds were not realised within the prescribed time, the exporter had to show all reasonable steps taken to recover the amounts; in the absence of such material, the statutory presumption of non-realisation was not displaced. Partners and a power-of-attorney holder who were aware of and involved in the export dealings could also be exposed to liability, and penalties may be sustained where no disproportionality is shown. en-us Wed, 14 Dec 2005 00:00:00 +0530 Wed, 25 Sep 2024 11:48:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457645 Unauthorised reduction of export value and adjustment of dues against foreign buyers without Reserve Bank permission constituted contravention of the export control requirements under FERA. Where export proceeds were not realised within the prescribed time, the exporter had to show all reasonable steps taken to recover the amounts; in the absence of such material, the statutory presumption of non-realisation was not displaced. Partners and a power-of-attorney holder who were aware of and involved in the export dealings could also be exposed to liability, and penalties may be sustained where no disproportionality is shown. Case-Laws FEMA Wed, 14 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457645