https://www.taxtmi.com/caselaws?id=457838 Non-realisation of export proceeds under the Foreign Exchange Regulation framework attracts the statutory presumption of contravention unless the exporter proves, with appropriate evidence, that all reasonable and efficacious recovery steps were taken; mere correspondence or absence of negligence is insufficient, and the presumption under Section 18(3) remains unrebutted where payment is still outstanding. The document also notes that a natural justice objection failed because due opportunity of hearing had been given, while the penalty was considered excessive on the facts and was reduced in light of the overseas buyer's liquidation and resulting hardship. en-us Wed, 24 Dec 1997 00:00:00 +0530 Sat, 28 Sep 2024 10:58:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457838 Non-realisation of export proceeds under the Foreign Exchange Regulation framework attracts the statutory presumption of contravention unless the exporter proves, with appropriate evidence, that all reasonable and efficacious recovery steps were taken; mere correspondence or absence of negligence is insufficient, and the presumption under Section 18(3) remains unrebutted where payment is still outstanding. The document also notes that a natural justice objection failed because due opportunity of hearing had been given, while the penalty was considered excessive on the facts and was reduced in light of the overseas buyer's liquidation and resulting hardship. Case-Laws FEMA Wed, 24 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457838