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xvi EXCISE LAW TIMES [ Vol. 372
Fatty acid arising during manufacture of refined vegetable oil, exemption
admissible, it being waste - See under WASTE .................. 142
FEMA (REALISATION, REPATRIATION AND SURRENDER OF
FOREIGN EXCHANGE) REGULATIONS, 2000 :
— Regulation 6(1) - Period specified for surrender of foreign exchange if it
was not used take delivery of imported goods - HELD : It does not mean
that contravention ceased to exist beyond specified period - After expiry
of specified period, contravention is deemed until rectified — Suborno Bose
v. Enforcement Directorate (S.C.) .............................. 3
FINANCE BILL, 2010 :
— Clause 60 - See under WRIT ORDER ........................ 60
Food supplements containing beef being prohibited for import liable to
absolute confiscation - See under CONFISCATION ............... 109
— valuation thereof on import - See under VALUATION (CUSTOMS) ...... 109
Foreign exchange procured for completing import procedure not utilized,
Managing Director of Company liable for contravention - See under
FOREIGN EXCHANGE MANAGEMENT ACT, 1999 ............... 3
FOREIGN EXCHANGE MANAGEMENT ACT, 1999 :
— Section 16(6) - Foreign exchange procured for import of goods - However,
Bill of Entry not submitted, goods kept in bonded warehouse and no
steps to clear same - HELD : Section 10(6) ibid was attracted - It was case
of non-utilisation of foreign exchange procured for completing import
procedure - Steps should have been taken to surrender foreign exchange
within time specified in Regulation 6 of Foreign Exchange Management
(Realisation, Repatriation and Surrender of Foreign Exchange)
Regulations, 2000 — Suborno Bose v. Enforcement Directorate (S.C.) ............ 3
— Sections 16(6) and 42(1) proviso - Non-utilisation of foreign exchange
procured for completing import procedure - Imported goods remained
uncleared and Bill of Entry not submitted - Contravention relating to
year 2000 whereas Managing Director (MD) of Company came in 2001 -
Managing Director was alive to default, sought indulgence of authorities
for more time but did not take corrective steps - HELD : Contravention of
Section 10(6) ibid is continuing actionable offence - Company and
persons managing its affairs remain liable till corrective measures were
taken - Managing Director was alive to default and he could not plead, in
terms of proviso to Section 42(1) ibid, that contravention took place
without his knowledge or he exercised all due diligence to prevent
contravention — Suborno Bose v. Enforcement Directorate (S.C.) .............. 3
— Section 42(1) - See under FOREIGN EXCHANGE MANAGEMENT ACT,
1999 .......................................... 3
FOREIGN EXCHANGE MANAGEMENT (REALISATION,
REPATRIATION AND SURRENDER OF FOREIGN EXCHANGE)
REGULATIONS, 2000 :
— Regulation 6 - See under FOREIGN EXCHANGE MANAGEMENT ACT,
1999 .......................................... 3
Fraudulent availment of Cenvat credit by replacing new material with
bazar scrap, credit not deniable in absence of cogent evidence - See under
CENVAT CREDIT .................................. 129

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