Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Foreign Exchange Regulation Act |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Act(s) Referred | Foreign Exchange Regulation Act, 1947 (7 of 1947) |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Allowed |
Headnote | Foreign Exchange Regulation Act of 1947, sections 10 and 12 (2)-Scope and Interpretation of-Whether section 12(2) designed to prevent wholesale or partial evasion of repatriation of earnings from export of goods covers only sale proceeds of goods exported 'for sale' or to sale proceeds of goods exported 'on sale' in the context of sale completed before export-Words and phrases-Meaning of the expression 'No person entitled to self or procure the sale of the goods.' Section 12(2) of the Foreign Exchange Regulation Act, 1947 which is designed to prevent wholesale or partial evasion of repatriation of earnings from export of goods is to the effect that 'where any export of goods has been made to which a notification under sub-section (I) applies, no person entitled to sell, or procure the sale of the said goods shall, except with the permission of the Reserve Bank ......... ". In R. Venkata Subbu & Ors. v. The Directorate of Enforcement, Enforcement Directorate, New Delhi & Anr., ILR Vol 3 Mad 1968 p. 18, the Madras High Court held that section 12(2) covers not only sale proceeds of goods exported "for sale" but also "on sale" in the context of sales completed before export, while the Calcutta High Court in the judgment under appeal held that it covers sale proceeds of goods exported "for sale'' only. In view of the conflict of the opinions, the present appeal is by certificate. |
Judge | Hon'ble Mr. Justice M.P. Thakkar |
Neutral Citation | 1987 INSC 9 |
Petitioner | M.g. Wagh & Ors. |
Respondent | Jay Engineering Works Ltd. |
SCR | [1987] 1 S.C.R. 981 |
Judgement Date | 1987-01-13 |
Case Number | 797 |
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