9911796707
TMI Blog2001 (6) TMI 841X X X X Extracts X X X X X X X X Extracts X X X X ..... udication Order No. 05/VSI/2001 dated 28-2-2001 passed by the Asstt. Director, Enforcement Directorate, Varanasi imposing a penalty of Rs. 50,000 on the appellant for contravening the provisions of section 18(2) and 18(3) of Foreign Exchange Regulation Act, 1973 ( the Act ). The appeal is accompanied with an application for dispensation of pre-deposit of penalty on the ground, inter alia, that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant allowed 30 per cent discount on invoice value. The appellant, therefore, approached the RBI to allow 30 per cent discount as sought by the new buyer on the invoice value as well as extend the date of recovery of sale proceeds. On 29-1-1998, the RBI allowed the appellant to give 30 per cent discount to the new buyer and also extended the date of 28-2-2001 recovery of the export proceed. In th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation for the delivery. However, the shipping company auctioned the goods immediately after expiry of notice, i.e., 31-1-1998. In these circumstances the appellants were proceeded against for contravening the provisions of section 18(2) and 18(3). The statement of Mohd. Younus was recorded on 12-5-1999 under section 40 of the Act. 4. While holding the appellant guilty of the charges, the learned A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not inclined to agree with his finding referred to above. The copies of correspondence as brought on record by the appellant clearly show that they have been constantly following the shipping agent and the new buyer to ensure avoidness of auction of goods in terms of notice sent by the shipping agent to them. The fact that the RBI has also accepted the request of the appellant firm allowing 30 pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
