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TMI Blog1997 (11) TMI 553X X X X Extracts X X X X X X X X Extracts X X X X ..... s 18(2) and 18(3) read with section 68(1) of the Foreign Exchange Regulation Act, 1973 ( The Act ), respectively, are that they failed to receive in India the full value of exports (aggregating to US $47224.62) made under the cover of 5 GRI forms as listed in the Annexure to the show-cause notice dated 14-2-1996. 2. Pleading waiver of pre-deposit Shri Rakesh Sharma, the learned Counsel for the appellant submitted that the appellants application for writing off was already pending active consideration of the Reserve Bank of India when the adjudication proceedings were initiated and evidence to that effect was produced before the learned Adjudicating Officer. He submitted that RBI has since granted write off of the total outstanding amount of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... levant time he was the sole proprietor of the business. We need say no more on this point as the appellants cannot be held guilty of contravention also for the reasons hereinafter stated. 4. We would now proceed to examine the finding of contravention of section 18(2) read with 18(3) on the part of the appellants. Section 18(2), inter alia, provides that where any export of goods, to which a notification under clause (a) of sub-section (1) applies, has been made, no person shall, except with the permission of the RBI, do or refrain from doing anything or take or refrain from taking any action which has the effect of securing that payment for the goods is delayed beyond the period prescribed under clause (a) of sub-section (1). Thus, in orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rehend as to how from these correspondence, can it be concluded, as has been done by the learned Adjudicating Officer, that the RBI has not acceded to the request for write off. It is not disputed that the appellant had produced the letters of the bank of Maharashtra, the appellant s bank, through whom alone, according to the prescribed procedure an application for write off is to be made to the RBI. In view thereof, we find it difficult to uphold the conclusion made by the learned Adjudicating Officer, namely, that in absence of any confirmation from RBI that it was considering appellant s request for write off of export proceedings it just cannot be concluded that such a request was pending with it . The correspondence of bank of Maharash ..... X X X X Extracts X X X X X X X X Extracts X X X X
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