Export Obligations: Convert Foreign Currency Proceeds to USD for Promoting Fully Convertible Currency Earnings. Rupee Devaluation Irrelevant.

Calculation under export obligation - the export proceeds realized in any currency would be converted into USD and the term ‘any currency’ would refer to the foreign currency realized through exports, since the aim of the scheme was to promote foreign exchange earnings in fully convertible currency. Subsequent de-valuation of the rupee cannot come to the aid of the appellant - HC .....

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