https://www.taxtmi.com/caselaws?id=468043 Failure to realise and repatriate export proceeds was treated as contravention where the exporters did not show effective recovery action or timely write-off by the competent authority. The decision stressed that exporters must take serious and documented steps to recover unrealised foreign exchange. It also stated that a managing director who was responsible for the company's affairs during the default period is not absolved by a later resignation. At the same time, evidence of some remedial steps justified reduction of penalty, and the quantum was scaled down accordingly while the contravention finding and responsibility of the concerned officer were maintained. en-us Wed, 12 Jun 2024 00:00:00 +0530 Tue, 14 Apr 2026 21:12:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468043 Failure to realise and repatriate export proceeds was treated as contravention where the exporters did not show effective recovery action or timely write-off by the competent authority. The decision stressed that exporters must take serious and documented steps to recover unrealised foreign exchange. It also stated that a managing director who was responsible for the company's affairs during the default period is not absolved by a later resignation. At the same time, evidence of some remedial steps justified reduction of penalty, and the quantum was scaled down accordingly while the contravention finding and responsibility of the concerned officer were maintained. Case-Laws FEMA Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468043