9911796707
TMI Blog1997 (12) TMI 672X X X X Extracts X X X X X X X X Extracts X X X X ..... xports of the value aggregating to Rs. 5,58,93,761 in respect of exports made under the cover of 22 GRI forms. The appellant has also filed a petition for dispensing with the requirement of pre-deposit. In this petition he has stated in detail the particulars of his assets and liabilities to show that he is not in a position to deposit the huge amount of penalty imposed on him under the impugned order. After making his submissions at some length, the appellant submitted that he would strongly plead for reduction of penalty. In view thereof, the appellant pleaded that the requirement of pre-deposit of penalty be waived and the appeal itself be taken up for disposal straightway. Shri Pande, for the respondent, has no objection to waiver of pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rguments to advance he has the opportunity to do so. The appellant submitted that he has nothing further to add. 3. It is not disputed that the appellant has made the export under the cover of 22 GRI forms of the value indicated against each. A reference of these GRI forms has been made in the impugned order also. It is also not disputed that the proceeds of these exports have not been realised so far except for an amount of US $ 4300 out of US$ 88,800 against GRI No. PQ 975199. This realisation has been taken into account by the learned Adjudicating Officer. All the exports were made between July and November, 1990. Under rule 8 of the Foreign Exchange Regulation Rules, 1974 an exporter is required to realise full export value of the goods ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion (3) have to be such as a prudent exporter would take to secure the payment for the goods exported by him. The steps to be taken must be directed towards receiving the payment or, as the case may be, towards recovery of the outstanding amount if the payment thereof is not forthcoming. At the same time, the efforts that are to be made have to be effective and efficacious having regard to the facts and circumstances of the case. Merely taking some steps would not amount to making reasonable efforts unless it is shown as to how those steps, if successful, would have resulted in recovery of the outstanding payments. The evidence as furnished by the appellant, in our opinion, cannot be considered to be towards effectively recovering the outst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he exports under the said 22 GRI forms were made to a single overseas buyer. He has rightly considered this to be significant. The evidence of efforts made by the appellant also does not disclose that he has tried his best to recover the outstanding amount or that the outstanding amount could not be realised in spite of his best efforts. However, we do take into account the fact that the overseas buyer has gone into liquidation and the imposition of penalty would add to appellant s losses. Considering all the circumstances of the case we are of the opinion that it would meet the ends of justice if the quantum of penalty is reduced from Rs. 1.5 crore to Rupees one crore only. 6. In the result the appeal is partly allowed. While the finding o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
