9911796707
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Issues:
1. Imposition of penalty for non-realization of export proceeds under section 18(2) of the Foreign Exchange Regulation Act, 1973. 2. Exoneration of the appellant from certain charges related to non-realization of export proceeds. 3. Consideration of factors affecting non-realization of export proceeds. 4. Application for waiver of pre-deposit and its disposal. 5. Reduction of penalty amount based on upheld contravention. Analysis: 1. The appeal was filed against an Adjudication Order imposing a penalty on the appellant for non-realization of export proceeds, contravening section 18(2) of the Foreign Exchange Regulation Act, 1973. The appellant had complied with the Board's directions regarding waiver of pre-deposit, leading to the disposal of the appeal on merits. 2. The show-cause notice charged the appellant with contravention of section 18(2) for non-realization of export proceeds covered by various GRIs. The Adjudicating Officer exonerated the appellant from certain charges based on permissions granted by the Reserve Bank and dropped proceedings for some GRIs. The judgment focused on the remaining GRIs to determine the appellant's liability. 3. The judgment considered specific cases of non-realization of export proceeds under different GRIs. Factors such as the foreign buyer not taking delivery of goods, auctioning of goods by customs authorities, and claims for discount due to inferior quality were analyzed. The appellant's actions in seeking reduction of value and efforts to realize outstanding amounts were scrutinized to assess liability. 4. The appellant's application for waiver of pre-deposit was addressed in the judgment, emphasizing compliance with the Board's directions. The disposal of the appeal on merits indicated a comprehensive review of the appellant's case and adherence to procedural requirements. 5. The judgment concluded by partially allowing the appeal, sustaining the contravention for one GRI and imposing a reduced penalty of Rs. 20,000. The penalty amount was adjusted based on the upheld contravention, and instructions were provided for the recovery and return of the deposited sum. The decision highlighted fairness and reasonableness in penalty imposition based on the specific non-realization instance. This detailed analysis of the judgment showcases the thorough consideration of the appellant's case regarding non-realization of export proceeds under the Foreign Exchange Regulation Act, leading to a nuanced decision on penalty imposition and liability.
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