https://www.taxtmi.com/caselaws?id=457924 Non-realisation of export proceeds did not amount to contravention under section 18(2) of the Foreign Exchange Regulation Act, 1973 where the default arose from circumstances beyond the exporter's control, including dispute over inferior quality and buyer claims for discount. The export value was treated as irrelevant to the finding of contravention in one instance where the buyer did not take delivery and the goods were auctioned. Contravention was sustained only for the remaining GRI, because no effective recovery steps or extension request was shown. The penalty was therefore moderated and reduced to a fair amount. en-us Mon, 30 Oct 1995 00:00:00 +0530 Mon, 30 Sep 2024 20:24:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457924 Non-realisation of export proceeds did not amount to contravention under section 18(2) of the Foreign Exchange Regulation Act, 1973 where the default arose from circumstances beyond the exporter's control, including dispute over inferior quality and buyer claims for discount. The export value was treated as irrelevant to the finding of contravention in one instance where the buyer did not take delivery and the goods were auctioned. Contravention was sustained only for the remaining GRI, because no effective recovery steps or extension request was shown. The penalty was therefore moderated and reduced to a fair amount. Case-Laws FEMA Mon, 30 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457924