Case Law Details
Krishna Murarai Poddar Vs State of West Bengal & Anr. (Calcutta High Court)
Calcutta High Court held that conjoint reading of section 18(1)(c) and section 18(1)(a) of the Foreign Exchange Regulation Act, 1973 definitely propagate that the duty to get the sale proceeds of export to be repatriated expiry with the statutory period of six months.
Facts- In this revision the criminal proceeding u/s. 56 of the Foreign Exchange Regulation Act, 1973, has been assailed. The case is pending in the court of the Metropolitan Magistrate, 11th Court at Calcutta. Petitioner appears there to be an accused person following alleged contravention by him of the provisions of the said Act, being the ‘Director’ of the company, along with the company and other co-accused persons, for alleged commission of such contraventions/offence.
Conclusion- A conjoint reading of section 18(1)(c) and section 18(1)(a) would definitely propagate that the duty to get the sale proceeds of export to be repatriated does not merely arise after expiry of six months statutory period, but the last day of the sixth month from the date of export is only the outer limit and end of the timespan.
It is the mandate of law that all activities for repatriation of export value would be within the outer limit of sixty days time and in case this goal is not accomplished within sixty days from the export date, the statutory presumption of not taking any reasonable steps by the concerned person for recovery of the same would arise.
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