https://www.taxtmi.com/caselaws?id=467022 Where an exporter who is a status holder effected part realisation, entered an MOU reducing the claim, pursued criminal and civil remedies and could not execute recovery against foreign assets, the outstanding export proceeds falling within the RBI self write off threshold may be treated as legitimately write offable; consequently imposition of penalty under FEMA for non realisation is not warranted on these facts and the prior penalty is set aside. The operative effect is that bona fide, documented recovery efforts plus compliance with the RBI self write off facility negate penalty liability for the specified shortfall. en-us Tue, 07 May 2024 00:00:00 +0530 Mon, 02 Mar 2026 18:36:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467022 Where an exporter who is a status holder effected part realisation, entered an MOU reducing the claim, pursued criminal and civil remedies and could not execute recovery against foreign assets, the outstanding export proceeds falling within the RBI self write off threshold may be treated as legitimately write offable; consequently imposition of penalty under FEMA for non realisation is not warranted on these facts and the prior penalty is set aside. The operative effect is that bona fide, documented recovery efforts plus compliance with the RBI self write off facility negate penalty liability for the specified shortfall. Case-Laws FEMA Tue, 07 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467022