1999 (9) TMI 1010

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....ravention of the provisions of section 18(2) of the Foreign Exchange Regulation Act, 1973 ('the Act') on account of non-realisation of amount of US $11,931.70 + US $6,337.04 totalling US $18,268.74 in respect of two GRI Nos. CA 393847 and CA 49421, respectively. As these appeals are filed against a common adjudication order passed on same facts, they are disposed of by this common order. 2. A Memorandum No. T-4/179/D of 1987 dated 23-7-1987 was issued simultaneously to all the appellants herein asking them to show cause as to why adjudication proceedings should not be held against them on the ground that Chhabra Handicrafts failed to realise the export proceeds of US $ 18,268.74 relating to two GRI Nos. CA 393847 and CA 49421 and thereby....

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.... 5. The learned counsel for the appellants argued (1) that the appellant-firm took all reasonable steps for recovery of the sale proceeds of the exported goods and also received two cheques, one of US $6,000 and another of US $6,337.04 but the cheque for the US $6,337.04 could not be encashed due to the supervening instructions of 'stop payment' made to the bank by the buyer, (2) that the appellant sent various fax message and managing partner (appellant in Appeal No. 245 of 1992) met the buyer personally on his Indian visit to impress upon him the immediacy of remitting the export proceeds, (3) that the appellant's banker, i.e., Bank of India, Moradabad, gave a Certificate of Foreign Inward Remittance dated 1-9-1989 certifying that US $ 1,....

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....s sent few telax messages and few letters to the buyer expressing its anxiety for release of payment for export. Further the appellant in Appeal No. 245 of 1992 met the buyer when the latter visited India to impress upon him the requirement of early remittance of the sale proceeds of the exported goods. All these fax messages including letters are less than 10 in number and were sent before the year 1990 after which no correspondence is available on record. When pointedly asked, the learned counsel could not produce any correspondence made after 1990 and also told that the total sale proceeds have not been recovered as yet. The absence of efforts from 1990 till today is conspicuous and no explanation is available from the counsel in this re....

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....f US $ 837.04 and simultaneously states that the appellants did not receive any payment till that date against the goods worth US $ 24,000. This letter had been sent subsequent to the date of Certificate of Foreign Inward Remittance. Though clear picture is not available from this letter, yet it can be safely concluded that the total sale proceeds had not been recovered till the date of this letter, i.e., 13-8-1990. In these circumstances, the findings of the adjudicating authority so far as contravention of the provisions of section 18(2) against the appellant-firm is concerned, cannot be disturbed. No error can be seen in the findings. Therefore, Appeal No. 244 of 1992 is liable to be dismissed. 10. The appellant in Appeal No. 245 of 1....