2016 (8) TMI 143

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..... ee terms. - Held that:- If only the Rupee specified amount is met, it would result in reduction in quantum of foreign currency (US$) and would provide an unintended relief to the petitioner. Such interpretation of the EPCG Scheme would defeat its very objective, which was to earn more foreign exchange/convertible currency for the Indian economy. Hence, the petitioner cannot seek to circumvent the .....

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..... to export goods worth three times the CIF value of the licence/imported goods. The export obligation was specifically mentioned in US dollars i.e. US$ 11,600,459. Therefore, the undertaking and intention was clear: that the petitioner was to fulfil the export obligation of the said value in US Dollar terms, the exchange rate in Indian Rupee terms was also mentioned. 2. In terms of the Hand .....

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..... aken obligation was discharged in DM, the equivalent value of the specified US$ would have to be met. Furthermore, the DM convertible rate apropos Indian rupee could well have appreciated in the subsequent four year period in which the purported exports were made, thus reducing the petitioner s export obligation specified in freely convertible foreign currency terms. If only the Rupee specif .....

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