Amitava Lala, J. - (1.) Composite hearing has been made in respect of both the writ petitions connected with each other challenging the orders dated 11th October, 2000 and 9th September, 2000 passed by Reserve Bank of India refusing to extend the time for realization of export proceeds by the petitioner. Therefore, the same are decided by this common judgement having binding effect in both the writ petitions.
(2.) Firstly, the petitioner contended that goods were lost in transit, therefore, the export is not completed. Hence the Foreign Exchange Regulating Authority has no jurisdiction to interfere with the matter in question at all.
(3.) Learned counsel appearing for the respondent, Reserve Bank of India has contended that as per Section 18 of the Foreign Exchange Regulation Act, 1973, the Central Government may, by notification in the Official Gazette, prohibit the taking or sending out by land, sea or air (hereinafter in this section referred to as export) of all goods or of any goods or class of goods specified in the notification, from India directly or indirectly to any place so specified unless the exporter furnishes to the prescribed authority a declaration in the prescribed form supported by such evidence as may be prescribed or so specified and true in all material particulars etc.;