https://www.taxtmi.com/caselaws?id=457736 Reasonable steps to realise export proceeds under the Foreign Exchange Regulation Act may be established where an exporter addresses a buyer's refusal to accept delivery, seeks resolution of the dispute, obtains RBI permission for an alternative buyer, and repeatedly pursues payment through banking and other channels. Non-realisation may be adequately explained by a banker's failure to forward documents, the requirement for fresh ECGC cover, and cancellation by the replacement buyer. These circumstances support discharge of the burden to demonstrate reasonable recovery efforts, making imposition of penalty unwarranted. en-us Thu, 30 Aug 2001 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457736 Reasonable steps to realise export proceeds under the Foreign Exchange Regulation Act may be established where an exporter addresses a buyer's refusal to accept delivery, seeks resolution of the dispute, obtains RBI permission for an alternative buyer, and repeatedly pursues payment through banking and other channels. Non-realisation may be adequately explained by a banker's failure to forward documents, the requirement for fresh ECGC cover, and cancellation by the replacement buyer. These circumstances support discharge of the burden to demonstrate reasonable recovery efforts, making imposition of penalty unwarranted. Case-Laws FEMA Thu, 30 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457736