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TMI Blog2018 (9) TMI 674X X X X Extracts X X X X X X X X Extracts X X X X ..... e made available with no reference to the period before which the utilisation must be made - While reconsidering the petitioner’s request and after granting personal hearing, the Committee in its later decision dated 3-1-2017 cited additional reasons namely, the duty credit scrip is a transferable instrument having specific validity. The petitioner had the option to sale or transfer it within its validity period. The petitioner did not do so initially for a period of over 12 months. The petitioner did not apply for issuance of duplicate scrip with all necessary documents. No genuine hardship is noticed. No justification for not utilising the scrip for 12 months is given. While recognising the powers of the Committee to revalidate the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... one dated 22-6-2016 passed by respondent no. 1 in the following background. 2. The petitioner is a company registered under the Companies Act and is engaged in manufacturing and export. The petitioner was issued Duty Credit Scrip ( DCS for short) by the respondent authorities on 31-7-2013. This certificate could be utilised by the petitioner for payment of Excise duty on domestic procurement upto the extent of duty credit which in case of the petitioner happened to be ₹ 26,04,733/-. The limit for the purpose of such clearance was 18 months. In other words, the last date of validity of the scrip was 31-1-2015. As per the scheme, such DCS had to be registered with the Customs authorities. According to the petitioner, such scrip was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ime between its registration and the date of expiry. On 29-12-2015, the petitioner wrote to the Foreign Trade Development authority reiterating the request for extension of the validity of duplicate DCS urging that the authorities had necessary power to do so. Such request came to be rejected by the Policy Relaxation Committee under the Director General of Foreign Trade which in its meeting dated 27-9-2016 had recorded as under : Decision : The committee observed that the submissions made by the applicant do not establish the fact that there was any delay on the part of the concerned Regional Authority or any other Government Department in issuance of documents for issue of duplicate scrip. Duty credit scrip is a freely transferable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de Policy 2015 to 2020 to contend that respondent no. 3 Committee had ample powers to extend the period of validity of the scrip. The petitioner had made out good grounds for exercise of such powers. The scrip was lost in transit while it was sent for registration which was one of the requirements under the policy. The petitioner had applied for issuance of duplicate scrip which was granted after some delay by DGFT authorities. By the time scrip was revalidated and same was also registered with the Customs authorities, barely couple of days were left before its expiry. In such a short span it was not possible for the petitioner to either utilise the scrip or to transfer the same to intended purchasers. 6. On the other hand, Learned Couns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... part of the concerned Regional authority or any other Government department for issuance of the documents of duplicate scrip. While reconsidering the petitioner s request and after granting personal hearing, the Committee in its later decision dated 3-1-2017 cited additional reasons namely, the duty credit scrip is a transferable instrument having specific validity. The petitioner had the option to sale or transfer it within its validity period. The petitioner did not do so initially for a period of over 12 months. The petitioner did not apply for issuance of duplicate scrip with all necessary documents. No genuine hardship is noticed. No justification for not utilising the scrip for 12 months is given. The Committee therefore, reiterated i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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