https://www.taxtmi.com/caselaws?id=458006 Evidence showing only credit of pay orders into the appellant's current account was insufficient because it did not establish that those amounts were the export proceeds covered by the relevant GRI forms. As the record failed to displace the finding that the export proceeds remained unrealised and were not repatriated through the authorised banking channel, contravention of foreign exchange law was upheld. The explanation for receiving payment directly, rather than through the authorised channel, was rejected, and the long pendency of the outstanding proceeds supported refusal to reduce the penalty. The penalty was held reasonable and no interference was warranted. en-us Tue, 20 Oct 1992 00:00:00 +0530 Thu, 03 Oct 2024 13:37:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458006 Evidence showing only credit of pay orders into the appellant's current account was insufficient because it did not establish that those amounts were the export proceeds covered by the relevant GRI forms. As the record failed to displace the finding that the export proceeds remained unrealised and were not repatriated through the authorised banking channel, contravention of foreign exchange law was upheld. The explanation for receiving payment directly, rather than through the authorised channel, was rejected, and the long pendency of the outstanding proceeds supported refusal to reduce the penalty. The penalty was held reasonable and no interference was warranted. Case-Laws FEMA Tue, 20 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458006