https://www.taxtmi.com/caselaws?id=457776 Penalty for delayed realisation of export proceeds under section 18 of the Foreign Exchange Regulation Act, 1973 could not be sustained where the statutory presumption of non-receipt was rebutted. Section 18(3) creates only a rebuttable presumption that the exporter failed to take reasonable steps to recover payment, and non-realisation by itself is not an automatic contravention. Here, the buyer's financial difficulty, the settlement permitted by the Reserve Bank, receipt of promissory notes, extensions granted, a pending further-extension request, and eventual full realisation showed that reasonable steps had been taken. As no specific omission was identified, the penalty order was set aside. en-us Mon, 11 Jun 2001 00:00:00 +0530 Fri, 27 Sep 2024 13:22:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457776 Penalty for delayed realisation of export proceeds under section 18 of the Foreign Exchange Regulation Act, 1973 could not be sustained where the statutory presumption of non-receipt was rebutted. Section 18(3) creates only a rebuttable presumption that the exporter failed to take reasonable steps to recover payment, and non-realisation by itself is not an automatic contravention. Here, the buyer's financial difficulty, the settlement permitted by the Reserve Bank, receipt of promissory notes, extensions granted, a pending further-extension request, and eventual full realisation showed that reasonable steps had been taken. As no specific omission was identified, the penalty order was set aside. Case-Laws FEMA Mon, 11 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457776