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1999 (9) TMI 1008

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..... the Additional Director, Enforcement Directorate imposing a penalty of Rs. 1,75,000 on appellant as sole proprietor of Barisons Co. for contravention of the provisions of section 18(2) of the Foreign Exchange Regulation Act, 1973 ( the Act ) on account of non-realisation of export price of Rs. 15,752.75 and US $31593.40 in respect of GRI No. 077392 and GRI No. 051963 respectively. 2. A Memorandum .....

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..... GRI No. 051963. 3. This matter was fixed for hearing on 27-7-1999 when the Application for Dispensation of pre-deposit of penalty was taken up and the FERA Board passed an order directing the appellant to make a pre-deposit of Rs. 10,000 subject to which the appeal will be heard on 24-8-1999 . On 24-8-1999, at the time of hearing, the appellant filed receipt showing deposit of Rs. 10,000 which is .....

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..... eliction on his part as demonstrated by the correspondence repeatedly made by him with the (1) RBI through his banker, (2) buyer and (3) Consulate General of India in USA. According to him, the full amount of the export value stood realised and, therefore, the impugned order is liable to be set aside. 5. The appellant has filed photostat copies of various letters sent by him from time to time to t .....

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..... exporter of goods for recovery of his price. Further, the appellant had written a letter dated 8-12-1989 to the RBI through his banker for grant of permission to make recovery through the service agency of Able Credit Service Inc. and thereupon to spend a fee of 10 per cent of the recovered money but such request was neither granted nor rejected and remained pending. Hence, to this extent, the ap .....

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..... of recovery of total money is not disputed in respect of both the GRIs No. i.e. (1) 077392 and (2) 051963. Hence, the findings of the adjudicating authority, so far as contravention of section 18(2) cannot be sustained and are liable to be quashed. 7. The appeal is allowed and the impugned order is set aside. As a consequence, the respondent shall pay back Rs. 10,000 deposited by the appellant wit .....

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