9911796707
TMI Blog2013 (10) TMI 1250X X X X Extracts X X X X X X X X Extracts X X X X ..... f Goods & Services) Regulations, 2000, specifically provides that the Reserve Bank or subject to the directions issued by that Bank in this behalf, the authorized dealer, may, for the sufficient and reasonable cause shown, extend the period of 6 months or 15 months as the case may be - the petitioner is entitled to at least one opportunity to produce the realization certificate as well as the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e notice was issued to the petitioner on 28-1-2009 proposing to recover the drawback amount on the ground that the petitioner had failed to submit evidence in respect of realization of the export proceeds. In terms of Regulation 9(1) of the Foreign Exchange Management (Export of Goods Services) Regulations, 2000 the amount representing full export value was required to be realized and repatriate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s been rejected by the impugned order dated 23-8-2012. 3. Learned counsel appearing for the petitioner submits that the Bank Realization Certificate has subsequently been obtained by the petitioner, copy of which is filed along with the petition as Annexure P/9. He has further submitted that the petitioner has already moved to the RBI for extension of time in terms of the 3rd Proviso to Regulati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Reserve Bank for extension of time. The 3rd proviso to Regulation 9 specifically provides that the Reserve Bank or subject to the directions issued by that Bank in this behalf, the authorized dealer, may, for the sufficient and reasonable cause shown, extend the period of 6 months or 15 months as the case may be. In these circumstances, we are of the opinion that the petitioner is entitled ..... X X X X Extracts X X X X X X X X Extracts X X X X
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