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10. It is not in dispute that the Reserve Bank of India is the competent authority to grant extension of time as provided under Section 10A(3) of the Act. The Reserve Bank of India had issued a communication dated 28.04.2003. The relevant extract of the aforesaid communication reads as under:

"Please refer your letter dated 25th April 2003 on the captioned subject.
In this connection we advise that the delayed realization of export proceeds in respect of 5 Softex Forms, the details of which are mentioned below, are regularised upto the date of realization.
::8:: 
               Sl.      Softex         Amount          Date of
               No.      Form           regularised     realization
                        No.
               1        AC             US $            10.10.2002
                        483956         1,70,363.89
               2        AC             US $            27.12.2001
                        483597         1,00,477.10
               3        AC             D.M.            21.01.2002
                        483969         5,600.00
               4        AC             US $            04.10.2001
                        483967         16,365.00
               5        AC             US $            14.09.2001
                        483962         39,346.00

   Note


         Sl.    Softex Form        Amount            Dates of
        No.         No.          Regularised        realization
        1       AC 483956     US.$. 1,70,363.89    10.10.2002
        2       AC 483597     US.$.1,00,477.10     27.12.2001
        3       AC 483969     DM. 5,600.00         21.01.2002
        4       AC 483967     US.$.16,365.00       04.10.2001
        5       AC 483962     US.$.39,346.00       14.09.2001



       12.     Admittedly,    the     Reserve     Bank   of   India   is