Law:

Section:

Foreign Exchange Regulation Act (VII of 1947)--- ----Ss. 12(1) & 23-B(4)---Failure to make payment of exported goods, contravention of terms of authorization by authorized export dealer---Appreciation of evidence---Accused's plea that failure in payment of exported goods resulted from closure of trade and borders between Pakistan and the foreign country was belied by his own visit to said foreign country---Export proceeds were not repatriated as per undertaking of the accused making him liable to penalty under S.24-B(4) of Foreign Exchange Regulation Act, 1947---Appeal was dismissed in circumstances. Muhammad Younus v. State Bank of Pakistan and another 2003 CLD 1129 rel. ORDER GULZAR AHMED, J.---By these appeals, the appellant has challenged the judgment dated 15-6-2009 passed by Adjudicating Officer Foreign Exchange Adjudicating Court of State Bank of Pakistan, by which the appellant was found to have committed offence under section 12(1) of Foreign Exchange Regulation Act, 1947 read with section 23-B(4) of the said Act and imposed penalty of Rs.9,123,345 on the appellant for immediate payment. 2. Mr. Faisal Shehzad Malik, learned counsel for the appellant has contended that appellant has made export of dry dates to India on 28-1-2003 and has submitted shipment documents to his bank for availing the finance and for the reason that there was stand-off position between Pakistan and India and their borders were sealed, all business relationships between Pakistan and India have ceased and for this reason the remittance of shipment of exported goods was not effected by the importer in India to the appellant in Pakistan. Learned counsel, however, contended that the appellant has visited India to resolve the problem but did not succeed. He, however, admitted that no evidence was led by the appellant to show that there was stand-off state between Pakistan and India and that their borders were sealed and there was hostility between two countries. He further admitted the fact that there is no notification issued either by Indian Government or Government of Pakistan regarding ceasing of business between two countries. He further admitted the fact that appellant had…

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