https://www.taxtmi.com/caselaws?id=457886 Liability for non-realisation of export proceeds under section 18(2) of the Foreign Exchange Regulation Act, 1973 depends on the statutory context of goods actually being received by the foreign buyer and payment becoming due in that setting. On the facts, the record showed that several consignments had not been delivered to the foreign buyer and had instead remained with the bank or been dealt with through bank-initiated sale and closure permission, so contravention could not be sustained for those GRIs. For the remaining consignments where delivery had been taken but proceeds were unrealised, the exporter had shown correspondence, complaint material and efforts by the bank, and recovery against the buyer would have been futile. The adverse findings were unsupported by the evidence, the contravention was not established, and the penalty order was set aside. en-us Mon, 30 Oct 1995 00:00:00 +0530 Mon, 30 Sep 2024 13:51:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457886 Liability for non-realisation of export proceeds under section 18(2) of the Foreign Exchange Regulation Act, 1973 depends on the statutory context of goods actually being received by the foreign buyer and payment becoming due in that setting. On the facts, the record showed that several consignments had not been delivered to the foreign buyer and had instead remained with the bank or been dealt with through bank-initiated sale and closure permission, so contravention could not be sustained for those GRIs. For the remaining consignments where delivery had been taken but proceeds were unrealised, the exporter had shown correspondence, complaint material and efforts by the bank, and recovery against the buyer would have been futile. The adverse findings were unsupported by the evidence, the contravention was not established, and the penalty order was set aside. Case-Laws FEMA Mon, 30 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457886