1999 (9) TMI 1008

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....KS) 111/123/90 dated 23-11-1990, passed by the Additional Director, Enforcement Directorate imposing a penalty of Rs. 1,75,000 on appellant as sole proprietor of Barisons & Co. for contravention of the provisions of section 18(2) of the Foreign Exchange Regulation Act, 1973 ('the Act') on account of non-realisation of export price of Rs. 15,752.75 and US $31593.40 in respect of GRI No. 077392 and ....

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....40 of two GRIs namely (1) GRI No. 077392 and (2) GRI No. 051963. 3. This matter was fixed for hearing on 27-7-1999 when the Application for Dispensation of pre-deposit of penalty was taken up and the FERA Board passed an order directing the appellant to make 'a pre-deposit of Rs. 10,000 subject to which the appeal will be heard on 24-8-1999'. On 24-8-1999, at the time of hearing, the appellant ....

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....on of his export proceeds and there had not been any dereliction on his part as demonstrated by the correspondence repeatedly made by him with the (1) RBI through his banker, (2) buyer and (3) Consulate General of India in USA. According to him, the full amount of the export value stood realised and, therefore, the impugned order is liable to be set aside. 5. The appellant has filed photostat c....

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....an essential attribute of effective steps to be taken by an exporter of goods for recovery of his price. Further, the appellant had written a letter dated 8-12-1989 to the RBI through his banker for grant of permission to make recovery through the service agency of Able Credit Service Inc. and thereupon to spend a fee of 10 per cent of the recovered money but such request was neither granted nor r....