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2009 (11) TMI 338 - HC - CustomsPenalty – Non realization of export proceeds - Section 54 of the Foreign Exchange Regulation Act, 1973 – Held that: - it is observed that in Section 18(2) and 18(3) of the Act, nowhere it is mentioned mens rea. In other words, once the factum of contravention is found, the offence is complete. - The factual circumstances would indicate that there was no sincere nor reasonable steps initiated on the part of the respondents which make them liable to attract the provisions in Section 18(2) and (3) of the Act. Following the principles laid down in the decisions of the Apex Court, it has to be held that this is a classical instance of contravention of provision of FERA. – Penalty imposed
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