https://www.taxtmi.com/caselaws?id=457735 Non-realisation of export proceeds under FERA required the exporter to take genuine and timely reasonable steps, including seeking RBI extension where necessary; repeated follow-up and recovery efforts alone were not enough to displace contravention under section 18(2) read with section 18(3). The Tribunal also noted that delay in shipment and commercial difficulties were relevant background factors, but the absence of timely extension requests meant statutory compliance was not fully met. On penalty under section 51, the Tribunal treated the appellant's recovery efforts and surrounding circumstances as mitigating factors and reduced the penalty substantially. en-us Mon, 10 Sep 2001 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457735 Non-realisation of export proceeds under FERA required the exporter to take genuine and timely reasonable steps, including seeking RBI extension where necessary; repeated follow-up and recovery efforts alone were not enough to displace contravention under section 18(2) read with section 18(3). The Tribunal also noted that delay in shipment and commercial difficulties were relevant background factors, but the absence of timely extension requests meant statutory compliance was not fully met. On penalty under section 51, the Tribunal treated the appellant's recovery efforts and surrounding circumstances as mitigating factors and reduced the penalty substantially. Case-Laws FEMA Mon, 10 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457735