High Court Upholds Tribunal's Decision: 60% Penalty Waiver Under FERA Section 18(2), 40% Pre-Deposit Required.

Stay of demand / pre-deposit - Levy of penalty - Contravention of Section 18(2) of FERA - failure to realize export proceeds - Appellant contended that the order of the Tribunal has not taken note of the undue hardship that faces the appellant, and ought to have waived the pre-deposit. - The Tribunal has, in waiving 60% of the penalty, and directing deposit of only 40%, taken note of all contentions of the Appellant, including the hardship projected. - Appeal dismissed - HC .....

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