TaxTMI 
TaxTMI 
2008 (8) TMI 1035
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.... appellant after exporting goods for the value of Rs. 15,87,724 failed to take reasonable steps for repatriation of export proceeds of the goods sent through 12 GRIs. The appellant has already pre-deposited the amount of penalty on 22.1.07. This statement of the appellant is confirmed by Dr. Shamsuddin, DLA. Presently this appeal is taken up by final disposal on merits. 3. We have heard Shri Rajesh Gulati, Advocate, on behalf of the appellant and Dr. Shamsuddin, DLA, on behalf of the Enforcement Directorate. Shri Rajesh Gulati, Advocate, has also filed written submissions which are taken on record. 4. A Show Cause Notice No.T-4/14-D/92 SCN-I dated 8.4.92 was issued to the appellant asking him why adjudication proceeding should not be held....
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....-section (3) of Section 18 provides that if exporter does not receive payment of goods exported within the prescribed period, it shall be presumed that the exporter has not taken reasonable steps to receive the payment for the exports. The Rule 8 of Foreign Exchange Regulations Rules, 1974 provides that the amount representing the full export value of goods exported shall be realized and be paid to the authorized dealer, on the due date for payment or within six months from the date of shipment of goods whichever is earlier. However, the presumption under Section 18(3) is rebuttable. Hence we are required to look at the facts with deep consideration if the steps taken can possibly displace the statutory presumption. 7. At this stage we are....
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....l exports there are three sets of GRI of whose price of the exported goods is required to be received. The first set of GRI is 7 in number whose value described is Rs. 6,38,623 and the next set consists of 1 GRI whose value is Rs. 2,24,000. About these 8 GRIs the impugned order has exonerated the appellant, hence, there remains nothing to discuss in this appeal so far as these exports are concerned. The third set consists of 12 GRIs whose total value 158724. 10. The third set of export consist of 12 GRIs. The first two GRIs are argued as having been covered by receipt of the price through another bank and foreign inward remittance certificates are sent by concerned bank i.e. Canara Bank to RBI when the RBI regularized this receipt by lette....