9911796707
TMI Blog1978 (12) TMI 183X X X X Extracts X X X X X X X X Extracts X X X X ..... on 19-7-1977 allowing for the period of shipment against it upto 31-10-1977. Subsequent to 31-10-1977 the related term of this letter of credit was amended to provide for shipment upto 31-12-1977. The consignment m question was shipped on 16-12-1977. By a Public Notice No. 78/77, issued on 27-9-1977, Tetracycline Hydrochloride was included in the export-link-import list contained in Annexure II, Part B of the Policy Book, Vol II for AM 77-78. The effect of this inclusion was that Tetracycline Hydrochloride could be imported only under a licence issued against import of drugs and drug intermediates; and not against any other licence issued in terms of the provisions of para 106 (i) of Part C of the Policy Book (Vol. II). Part 3 of the afore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to grace period given in the I.T.C. Handbooks for the year 197-1971 and 1973-74, in first of which the provision stipulated that no letter of credit should be opened during the grace period whereas in the second the stipulation was that not only the letter of credit should not be opened but it should also not be extended during the grace period and in the last of the Handbooks the provision regarding extension of letter of credit was withdrawn. From this the appellants seek to argue that if the Licensing authority intended that the benefit of Para 3 of the Public Notice No. 78-77 should not be available to a case of import against a letter of credit opened prior to its issue but which was extended subsequent to the issue of a Public Notice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subject consignment had been shipped prior to 31-10-1977, the case would have been squarely covered by Para 3 of the said Public Notice No. 78/77. There is no material to doubt the existence of this firm commitment. What transpired thereafter is that the appellants agreed to extend the period for shipment from 31-10-1977 to 31-12-1977 and this was done after the issue of the Public Notice. The appellants plea about the circumstances that necessitated the extension of the period of shipment in this case cannot be considered incompatible with bona fide commercial practice. The extension of the period of shipment, and that was the only amendment in the original terms of the Letter of Credit, necessitated as it was in an abnormal situation, c ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
