https://www.taxtmi.com/caselaws?id=457688 Reasonable steps to realise export proceeds were taken where the record showed repeated correspondence, reminders, fax messages and sustained follow-up with the foreign buyers, the RBI and the authorised dealer. The failure to recover the outstanding amounts was attributable to circumstances beyond the appellants' control, and the absence of legal action against the buyers was not, by itself, decisive. On those materials, the appellants were found to have made sufficient efforts to realise the dues, so the finding of contravention and the consequential penalties could not stand and were set aside. en-us Thu, 20 May 2004 00:00:00 +0530 Wed, 25 Sep 2024 18:44:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457688 Reasonable steps to realise export proceeds were taken where the record showed repeated correspondence, reminders, fax messages and sustained follow-up with the foreign buyers, the RBI and the authorised dealer. The failure to recover the outstanding amounts was attributable to circumstances beyond the appellants' control, and the absence of legal action against the buyers was not, by itself, decisive. On those materials, the appellants were found to have made sufficient efforts to realise the dues, so the finding of contravention and the consequential penalties could not stand and were set aside. Case-Laws FEMA Thu, 20 May 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457688