https://www.taxtmi.com/caselaws?id=458005 A party required to secure realisation of export proceeds under section 18(2) of the Foreign Exchange Regulation Act, 1973 cannot escape liability merely by alleging inability to remit legal fees for foreign recovery proceedings. Mere financial difficulty is insufficient; the excuse may succeed only if the recovery expense would itself cause a greater foreign exchange loss than the amount to be recovered, and reasonable efforts to arrange the funds were taken. On the stated facts, no such justification was shown, and the failure to remit lawyer's fees directly led to non-execution of the decree and non-realisation of export proceeds, so the contravention and penalty were sustained. en-us Mon, 31 Aug 1992 00:00:00 +0530 Thu, 03 Oct 2024 13:37:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458005 A party required to secure realisation of export proceeds under section 18(2) of the Foreign Exchange Regulation Act, 1973 cannot escape liability merely by alleging inability to remit legal fees for foreign recovery proceedings. Mere financial difficulty is insufficient; the excuse may succeed only if the recovery expense would itself cause a greater foreign exchange loss than the amount to be recovered, and reasonable efforts to arrange the funds were taken. On the stated facts, no such justification was shown, and the failure to remit lawyer's fees directly led to non-execution of the decree and non-realisation of export proceeds, so the contravention and penalty were sustained. Case-Laws FEMA Mon, 31 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458005