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[Section 18] [Complete Act]
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Central Government Act
Section 18(2) in The Foreign Exchange Regulation Act, 1973
(2) Where any export of goods, to which a notification under clause (a) of sub-section (1) applies, has been made, no person shall, except with the permission of the Reserve Bank, do or refrain from doing anything, or take or refrain from taking any action, which has the effect of securing—
(A) in a case falling under sub-clause (i) or sub-clause (ii) of clause (a) of sub-section (1),—
(a) that payment for the goods—
(i) is made otherwise than in the prescribed manner, or
(ii) is delayed beyond the period prescribed under clause (a) of sub-section (1), or
(b) that the proceeds of sale of the goods exported do not represent the full export value of the goods subject to such deductions, if any, as may be allowed by the Reserve Bank; and
(B) in a case falling under sub-clause (ii) of clause (a) of sub-section (1), also that the sale of the goods is delayed to an extent which is unreasonable having regard to the ordinary course of trade: Provided that no proceedings in respect of any contravention of the provisions of this sub-section shall be instituted unless the prescribed period has expired and payment for the goods representing the full export value has not been made in the prescribed manner within the prescribed period.