1997 (12) TMI 672

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....t was that he failed to realise the proceeds of exports of the value aggregating to Rs. 5,58,93,761 in respect of exports made under the cover of 22 GRI forms. The appellant has also filed a petition for dispensing with the requirement of pre-deposit. In this petition he has stated in detail the particulars of his assets and liabilities to show that he is not in a position to deposit the huge amount of penalty imposed on him under the impugned order. After making his submissions at some length, the appellant submitted that he would strongly plead for reduction of penalty. In view thereof, the appellant pleaded that the requirement of pre-deposit of penalty be waived and the appeal itself be taken up for disposal straightway. Shri Pande, for....

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....mpugned order and if the appellant has any further arguments to advance he has the opportunity to do so. The appellant submitted that he has nothing further to add. 3. It is not disputed that the appellant has made the export under the cover of 22 GRI forms of the value indicated against each. A reference of these GRI forms has been made in the impugned order also. It is also not disputed that the proceeds of these exports have not been realised so far except for an amount of US $ 4300 out of US$ 88,800 against GRI No. PQ 975199. This realisation has been taken into account by the learned Adjudicating Officer. All the exports were made between July and November, 1990. Under rule 8 of the Foreign Exchange Regulation Rules, 1974 an exporte....

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....goods. The reasonable steps as contemplated under sub-section (3) have to be such as a prudent exporter would take to secure the payment for the goods exported by him. The steps to be taken must be directed towards receiving the payment or, as the case may be, towards recovery of the outstanding amount if the payment thereof is not forthcoming. At the same time, the efforts that are to be made have to be effective and efficacious having regard to the facts and circumstances of the case. Merely taking some steps would not amount to making reasonable efforts unless it is shown as to how those steps, if successful, would have resulted in recovery of the outstanding payments. The evidence as furnished by the appellant, in our opinion, cannot be....