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TMI Blog2003 (3) TMI 783X X X X Extracts X X X X X X X X Extracts X X X X ..... uring the year 1996-97 M/s Diamart India Ltd. exported diamonds to the overseas buyers at Antwerp, Hongkong and Thailand and failed to realise the export proceeds to the tune of US $5,36,879.76 in respect of 10 GR forms which was mentioned in annexure A of SCN. SCN was issued on the strength of information received from Vysya Bank Ltd., Overseas Branch, Mumbai that certain export bills of the company were pending for realisation beyond the period of six months from the date of its shipment. Shri Sanjey Parekh was examined and stated that out of 13 GR export proceeds, the export proceed in respect of 4 GRs were realised. Regarding other 9 outstanding GRs part payment in respect of 3 CRs were received. He also stated the reasons for non-reali ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts made are to M/s Dia Globe BUBA, Antwerp, M/s Rise Gems, Hongkong, Jin Gems, M/s Lotus Diagems, Hongkong, Astha International, Thailand, M/s Alpha Impex, Kowloon, Hongkong, etc. the FIRCs received are from M/s Mehta diamond, Thailand, Jin Gems, Hongkong, Rise Gems, Lotus Diagems, Hongkong, Diaglobe Belgium, Astha International which was not the country of their final destination of the exports made in all these consignments. In this regard, it is imperative to state that the negotiating bank viz. Vysya Bank, Opera House Branch has not confirmed that the export proceeds in respect of the GRI forms mentioned in the impugned SCN were realised by the noticee firm. Similarly, it is equally important that the State Bank of Hyderabad, Ballard Es ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any has in fact sold some of their consignments to the alternative buyer abroad. Hence, I am not convinced at all as to how the FIRCs could come from other than the consignee firm that too from the other country. In view of the above, this leads me to conclude that the export bills amounting to US $ 5,36,879.76 are still pending for realisation on account of M/s Diamart India Ltd. for which the noticee company does not have any permission from the RBI as required under section 18(2) ibid. The charges for the contravention of section 18(2), 18(3) against the noticee company and its Directors are proved beyond a reasonable doubt. I therefore hold them guilty for the said contravention . 3. The learned counsel has contended that as per Annexur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bad, Mumbai on the ground that in the said certificates the relevant GRI form numbers were not indicated that although the exports were made to (1) Diaglobe Antwerp, Belgium, (2) Rise Gems, Hongkong, (3) Jin Gems, Hongkong, (4) Lotus Diagems, Hongkong, (5) Astha Hongkong. 6. Shri Singh has submitted that learned adjudicator did not appreciate that insofar as the amount remitted by M/s Mehta Dian, Thailand was concerned, it was covered by Item 10 of Annexure A to the SCN which indicated the outstanding of US $57,315 but did not indicate the name of the party from whom the amount was due. Similarly, the letter of Vyasya Bank Ltd. dated 7-10-1997 also did not indicate the said amount or the party from whom it was due. However, since as per the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... foreign buyers to Vysya Bank Ltd. 8. I find strong force in the submissions of the learned counsel that the learned adjudicator was very technical in his approach. The learned adjudicating officer came to an adverse finding only because of remittances were received from State Bank of Hyderabad and not through negotiating bankers of the appellant namely Vysya Bank Ltd. 9. Dr. Shamsuddin, DLA for the respondent has submitted that since GRI numbers were not mentioned in respect of the remittances, the adjudicator was right in holding outstanding was still due from the foreign buyers. I am unable to agree to his contention. 10. I am satisfied that entire amount due have been realised through proper banking channels. Hence order of imposition o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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