1. This is an appeal against the Adjudication Order No. ADJ/10/JPR/2001-AD/268 dated 27-2-2001 of Assistant Director of Enforcement, Jaipur, whereby a penalty of Rs. 1,50,000 has been imposed on the appellant for contravention of the provisions of section 18(2) read with section 18(3) of the Foreign Exchange Regulation Act, 1973.

2. The appellant is the proprietor of the firm Camelon Exports, Jaipur. The appellant exports handicrafts, carpets, durries and garments, etc. The allegation against the appellant was that without any permission from Reserve Bank of India, he took or refrained from taking action which had the effect of securing the export value to the tune of US $ 42,891 in respect of the exported goods was not received in India and the payments for the imported goods were delayed beyond the prescribed period without any permission of the RBI and thus contravened the provisions of section 18(2) and section 18(3) read with Central Government Notification No. F-1/67/EC. 73/1 and 3 both dated 1-1-1973. In his reply to the show-cause notice, the appellant stated the circumstances in which the said export was made and the action that was taken by the appellant for the reali