TMI Blog2005 (2) TMI 819X X X X Extracts X X X X X X X X Extracts X X X X ..... Foreign Exchange Regulation Act, 1973, penalty of ₹ 5 lakhs on the firm and ₹ 50,000/- each on the partners has been imposed. Mr. Ajay Kumar Sharma, learned counsel for the petitioners submits that the Adjudicating Officer has found only a formal violation of the procedure prescribed under para 7A.20 of Exchange Control Manual, inasmuch as petitioner has been found to have imported the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t at this stage to reproduce paras (iv) and (v) of 7A.20 of the Exchange Control Manual:- (iv) In case an importer does not furnish the Exchange Control copy of the Bill of Entry within three months from the date of remittance (or within prescribed period as provided in paragraph 7A.10), the authorised dealer should issue a reminder to the importer asking him to produce it forthwith. If there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... them to produce Exchange Control copy of Bill of Entry forthwith and if there was still no response, a reminder by registered A.D. post is required to be sent not later than one month from the date of reminder. No provision is made in the Exchange Control Manual with regard to imposition of penalty for non-furnishing of the Exchange Control copy of the Bill of Entry. In these circumstances, it is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hed the copies of Bills of Lading, Invoices. The photocopy of Exchange Control copy of the Bill of Entry duly carried endorsement by the Customs Authorities of the clearance of the goods. Mr. Sharma also submitted that the Bank itself had failed to comply with the procedure. 7. In this view of the matter, there was hardly any doubt left regarding genuineness of the transactions which fact is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions of the Act or where the breach flows from a bona fide belief that the offender is not liable to act in the manner prescribed by the statute. 8. In view of the foregoing discussion, the impugned order is not sustainable and is liable to be set aside and is quashed. Counsel for the petitioner submits that as a genuine recompense for the lapse committed by the petitioners in not furni ..... X X X X Extracts X X X X X X X X Extracts X X X X
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