2007 (12) TMI 558

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....o take reasonable steps for repatriation of export proceed of US Dollar 163164.44, DM 403.10 and Rs. 3296 of the goods exported to New York where foreign buyer is named is (i) M/s. S.M. Ahluwalia West Germany, (ii) M/s. Momentum Sports Wear and (iii) President of Inceptions Inc. who is a substantial buyer in place of another buyer named Big K. America Trading Company as per allegations contained under SCN-I. This appeal is filed along with application for dispensation of pre-deposit of the penalty which is still pending disposal. We permit dispensation of pre-deposit on the ground of long pendency and proceed to dispose of this appeal ex parte where appellant is neither present nor represented despite notice. Even when this is an old appeal....

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....ith the permission of the Reserve Bank, do or refrain from doing anything, or take or refrain from taking any action, which has the effect of securing-- (A) ** ** ** (a) that payment for the goods-- (i) is made otherwise than in the prescribed manner, or (3) Where in relation to any goods to which a notification under clause (a) of sub-section (1) applies the prescribed period has expired and payment therefore has not been made as aforesaid, it shall presumed, unless the contrary is proved by the person who has sold or is entitled to sell the goods or to procure the sale thereof, that such person has not taken all reasonable steps to receive or recover the payment for the goods as aforesaid and he shall accordingly be presumed to ha....

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....s no point on which a greater amount of decision is to be found in Courts of Law and equity than as to what is reasonable. It is impossible a priori to state what is reasonable as such in all cases. You must have the particular facts of each case established before you can ascertain what is meant by reasonable under the circumstances - Lord Romilly. M.R. Labouchere v. Dawson (1872), LR 13 Eq. CA 325." 7. Firstly, we take up the arguments with regard to delegation to authorized bankers by RBI of granting waiver of unrealized outstanding export dues if such outstanding export dues are not more than 10 per cent. The RBI issued Master Circular No. Dc.CO.PCB No. 29/16-02/76/2003, dated 24-1-2003 on whom strong reliance is placed by the app....