1999 (2) TMI 736

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....973. A further penalty of Rs. 1 lakh has been imposed on the appellant in Appeal No. 368 of 1996 by invoking provisions of section 68(1) of the Act. The allegations against the appellant-company are that they failed to realise in full the proceeds of exports made by them to (a) Anglo Egyptian Motors, Egypt; (b) Ghana Airways Corporation, Ghana; (c) City Express Services, Ghana, and (d) Rites, Iraq. The appeals are accompanied with a petition seeking waiver from pre-deposit of the amount of penalty. 2. Shri Shyam Diwan, the learned counsel for the appellants, submitted at the outset, that he is filing evidence to show that an outstanding amount of US $ 31,000 in respect of GRI No. GL 403637 dated 6-5-1989 had been realised in April 199....

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....llowed write-off for an amount of US $ 3,30,860.20 in respect of GRI No. ByH 795042. A further write-off has been granted by the RBI in respect of GRI No. ByH 198782 for an outstanding amount of US $ 2,67,240.80 under their letter endorsement No. EC/By/3585/10.02/T-6/97-98 dated 23-1-1998 at page 9. The above position covers all the outstanding GRIs in respect of exports made to Anglo Egyptian Motors, Egypt. (ii) In respect of GRI No. GL 405637 under which the export was made to City Express Services, Ghana, the total invoice value was US $ 36,000. In respect of this GRI, an amount of US $ 5000 had been received on 4-7-1991, a fact which has been accepted on page 2 of the impugned order. The remaining amount of US $ 31,000....

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....raders & Transport Co. Ltd. v. Directorate of Enforcement [Appeal Nos. 182-191/93, dated 17-1-1993], (ii) Rajneesh International v. Directorate of Enforcement [Appeal Nos. 882-883/90 dated 22-3-1995] and (iii) Wimco v. Directorate of Enforcement [Appeal No. 112/96, dated 6-9-1996] in support of his plea. 5. Shri Gudoo who appeared for the respondents has been fair enough to concede that in view of the realisation of the outstanding amounts in respect of certain GRIs as shown by Shri Diwan, the appellant cannot be said to have contravened the provisions of section 18(2) in respect of those GRIs. However, as regards those outstanding GRIs in respect of which the RBI has now granted write-off, Shri Gudoo submitted that the write-off is subj....

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..... BW 1120007, the permission is subject to the appellant 'surrendering proportionate cash incentive/assistance availed of by the exporters, if any'. Under letter dated 8/9-10-1992, the RBI has allowed write-off to the appellant 'subject to their surrendring proportionate cash incentives/assistance availed of by the exporters, if any, to appropriate authorities in due course'. We also note that under each of their letter allowing write-off the RBI asked the bank to realise the relative GR Forms duly certified on the strength of their letter. It would be clear therefrom that the requirement of surrendering proportionate cash incentives/assistance is not in the nature of pre-condition for write-off. It only means that the grant of write-off wo....