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1986 (9) TMI 163 - SC - FEMAWhether High Court was correct in dismissing the appeal on the findings that the order of the Appellate Authority did not suffer from any error of law? Held that:- The findings recorded by the Deputy Director Enforcement and the Appellate Authority leave no room for doubt that the appellant took delivery of goods himself when he was in U.S.A. and sold the same by private sale in a surreptitious manner disregarding the directions of the Reserve bank of India and keeping it in dark about it. The appellant has not proved how much value and foreign exchange he realized by such private sale. In the first place he could not have sold the goods privately in a secretive manner contrary to the directions of the Reserve Bank of India. In the next place he should have candidly come forward to state how much he realized and ought to have repatriated the said amount. Instead of appellant resorted to manipulations to show that the importer had paid only 50% of the value which fact is established to be untrue. The full export value is reflected in the transaction which was made with the foreign buyer at $ 5976.00 but he has repatriated only $ 2931.42. He has thus clearly violated Section 12(2). The order under appeal is unassailable. There is thus no escape from the conclusion that the appellant contravened Section 12(2) of the Act. The High Court committed no error in rejecting appellant’s submission. The appeal fails, is accordingly dismissed.
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