https://www.taxtmi.com/caselaws?id=457725 Foreign inward remittance certificates and supporting correspondence were accepted as sufficient proof that export proceeds had been realised through banking channels. The missing GRI numbers on the certificates did not, by itself, discredit the remittances, and an adverse inference based only on routing through a different bank was treated as overly technical. On that factual basis, the alleged contravention of sections 18(2) and 18(3) of the Foreign Exchange Regulation Act, 1973 was not established and the penalty was held unsustainable. en-us Wed, 26 Mar 2003 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457725 Foreign inward remittance certificates and supporting correspondence were accepted as sufficient proof that export proceeds had been realised through banking channels. The missing GRI numbers on the certificates did not, by itself, discredit the remittances, and an adverse inference based only on routing through a different bank was treated as overly technical. On that factual basis, the alleged contravention of sections 18(2) and 18(3) of the Foreign Exchange Regulation Act, 1973 was not established and the penalty was held unsustainable. Case-Laws FEMA Wed, 26 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457725