2001 (8) TMI 1459

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 18(2) read with section 18(3) of the Foreign Exchange Regulation Act, 1973 ('the Act'). 2. The Appellant-firm has been charged with failure to take all reasonable steps to realise the outstanding export proceeds. It is seen that the Appellant-firm effected shipment of carpets for export to Germany under cover of GR Forms No. AH207153 for US $32514.14, AH 414933 for DM 10886.88, AH 206316 for DM 10365.21 and AM 268573 for DM 15865.50 and the said export proceed remained unrealised. In their reply to the show-cause notice, the Appellant-firm named their Banker for failure to take necessary action for realisation of export proceeds. After hearing the parties, the learned Adjudication Officer passed the impugned order which is the subject-mat....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....port proceeds but it cannot be said that they have not taken any action at all as has been observed by the learned Adjudication Officer. Their action has to be appreciated in the context of their background and if it is so done, the Appellants really deserves a lenient view. Shri Alamgir submitted that the firm has already been liquidated and not functioning since 1996-97 and the exports in question were made in 1995. The partners did not have any further source of income except the said export business. It is further submitted that the Appellants and their families are on the verge of starvation on account of heavy loss in business. Shri Alamgir has also drawn my attention to the mercy appeal dated 26-2-2001 made by the Appellants requesti....