https://www.taxtmi.com/caselaws?id=457880 Non-realisation of export proceeds was treated as a contravention of section 18(2) of the Foreign Exchange Regulation Act, 1973 because mere correspondence with the foreign buyer, requests for extension, and later attempts to seek write-off did not amount to effective recovery steps; the finding of contravention was therefore upheld. Penalty, however, was assessed by reference to the surrounding facts and degree of culpability: where deliberate retention of proceeds was not shown and the exporter had already suffered loss and sought regularisation, the original penalty was found excessive and reduced to Rs. 50,000. en-us Mon, 11 Dec 1995 00:00:00 +0530 Mon, 30 Sep 2024 12:33:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457880 Non-realisation of export proceeds was treated as a contravention of section 18(2) of the Foreign Exchange Regulation Act, 1973 because mere correspondence with the foreign buyer, requests for extension, and later attempts to seek write-off did not amount to effective recovery steps; the finding of contravention was therefore upheld. Penalty, however, was assessed by reference to the surrounding facts and degree of culpability: where deliberate retention of proceeds was not shown and the exporter had already suffered loss and sought regularisation, the original penalty was found excessive and reduced to Rs. 50,000. Case-Laws FEMA Mon, 11 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457880