P S NOORUDDIN AND COMPANY Vs. ADDITIONAL DIRECTOR

JUDGEMENT

(1.) THIS appeal under section 54 of the Foreign Exchange Regulation Act, 1973 (hereinafter referred to as "the new Act") is against the concurrent orders cf the first respondent-Enforcement Directorate and the second respondent-Foreign Exchange Regulation Appellate Board, levying a penalty of Rs. 3, 600 for contravention of section 12(2) of the Foreign Exchange Regulation Act, 1947 (hereinafter referred to as "the old Act"). The charge against the appellant-firm is that it exported during 1970-71, nine consignments of sharkfins and fishmaws to Singapore, of the total value of Rs. 56, 783 and realised only Rs. 20, 690.97 leaving a balance of Rs. 36, 092.03. To the show-cause notice dated June 11, 1973, issued by the Directorate to the firm and its partners, they by their reply dated July 11, 1973, denied the charge, stating, inter alia, as follows :

(2.) THE order of the first authority also shows that the appellant filed copies of the account sales relating to the abovesaid nine shipments received from the abovesaid consignees. No doubt regarding the abovesaid account sales, the said order says thus :

(3.) RULE 4 therein, inter alia, says :