https://www.taxtmi.com/caselaws?id=457737 Failure to take reasonable steps to realise export proceeds under section 18(2) read with section 18(3) of the Foreign Exchange Regulation Act, 1973 attracted penalty, but the penalty was reduced where the record showed some recovery efforts had been made. Repeated communications to the buyer and requests for assistance from the Consulate General of India showed that the default was not one of complete inaction. The liquidated status of the firm and the exporters' rural background were also considered relevant to mitigation. On that basis, the original penalty was treated as excessive and a token penalty was considered sufficient. en-us Mon, 27 Aug 2001 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457737 Failure to take reasonable steps to realise export proceeds under section 18(2) read with section 18(3) of the Foreign Exchange Regulation Act, 1973 attracted penalty, but the penalty was reduced where the record showed some recovery efforts had been made. Repeated communications to the buyer and requests for assistance from the Consulate General of India showed that the default was not one of complete inaction. The liquidated status of the firm and the exporters' rural background were also considered relevant to mitigation. On that basis, the original penalty was treated as excessive and a token penalty was considered sufficient. Case-Laws FEMA Mon, 27 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457737