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CS Executive · Economic, Commercial and Intellectual Property Laws · Foreign Trade Policy and Procedure

Penalties of Rs 5,00,000 are realised from defaulting exporters under the FTDR Act, 1992. Where must all sums realised by way of penalties be credited?

All sums realised as penalties under the Foreign Trade (Development and Regulation) Act, 1992 must be credited to the Consolidated Fund of India. The Director General, export promotion councils and other bodies do not keep these amounts.

  1. AConsolidated Fund of IndiaCorrect
  2. BFund of the Director General of Foreign Trade
  3. CExport Promotion Council's general fund
  4. DContingency Fund of India

Explanation

Section 11A states that all sums realised by way of penalties under the Act shall be credited to the Consolidated Fund of India. The Director General and export councils do not retain the proceeds, and the Contingency Fund is not mentioned.

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