Penalty u/s. 50 of FERA not leviable when unrealised export proceeds is less than 10%

P.Balasubramaniam Vs Appellate Tribunal for Foreign Exchange (Madras High Court) Madras High Court held that penalty under section 50 of the Foreign Exchange Regulation Act [FERA] is not applicable since unrealised export proceeds is less than 10%. Accordingly, writ appeals are allowed and order is quashed. Facts- The Appellant exported consignments of goods to various countries. However, a part of the export proceeds for a sum of Rs.1,09,74,431.20/- on the exports made was not recovered by the said appellant. The Appellant/Exporter had availed the benefit of Duty Drawback under Section 75 of ...