https://www.taxtmi.com/caselaws?id=457722 Non-realisation of export proceeds under foreign exchange law justified a finding of statutory contravention where the exporter failed to place a timely defence, produced no material showing reasonable efforts to recover the dues, and did not seek extension of time from the RBI. The outstanding export proceeds beyond the stipulated period therefore sustained liability to penalty. Later partial realisation and write-off of dues were relevant only to the limited question of quantum, not liability. The penalty was accordingly upheld in principle but reduced from Rs. 70,000 each to Rs. 20,000 each. en-us Mon, 05 May 2003 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457722 Non-realisation of export proceeds under foreign exchange law justified a finding of statutory contravention where the exporter failed to place a timely defence, produced no material showing reasonable efforts to recover the dues, and did not seek extension of time from the RBI. The outstanding export proceeds beyond the stipulated period therefore sustained liability to penalty. Later partial realisation and write-off of dues were relevant only to the limited question of quantum, not liability. The penalty was accordingly upheld in principle but reduced from Rs. 70,000 each to Rs. 20,000 each. Case-Laws FEMA Mon, 05 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457722