https://www.taxtmi.com/caselaws?id=457885 A contravention for delayed receipt of foreign exchange arises only when the claimant has a legally enforceable right to receive a definite amount, supported by proof of a binding contract, the relevant quality stipulation, breach by the foreign supplier, and quantified damages. A mere claim, debit entry, or silence after a debit note is insufficient to establish such a right. Penal liability of directors under the Foreign Exchange Regulation Act also depends on a specific statutory finding linking them to the contravention under section 68(1); without that finding, penalties cannot be sustained. The commentary concludes that the order was unsustainable against all appellants. en-us Wed, 23 Aug 1995 00:00:00 +0530 Mon, 30 Sep 2024 13:51:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457885 A contravention for delayed receipt of foreign exchange arises only when the claimant has a legally enforceable right to receive a definite amount, supported by proof of a binding contract, the relevant quality stipulation, breach by the foreign supplier, and quantified damages. A mere claim, debit entry, or silence after a debit note is insufficient to establish such a right. Penal liability of directors under the Foreign Exchange Regulation Act also depends on a specific statutory finding linking them to the contravention under section 68(1); without that finding, penalties cannot be sustained. The commentary concludes that the order was unsustainable against all appellants. Case-Laws FEMA Wed, 23 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457885