The Central Government is empowered to formulate and amend the Foreign Trade Policy. The impugned...

The Central Government is empowered to formulate and amend the Foreign Trade Policy. The impugned Notification prohibiting export of Non-Basmati White Rice, except in certain cases, cannot be held contrary to the Foreign Trade Policy. The policy change can be given retrospective effect in public interest, overriding individual losses, as held in Shrijee Sales Corporation and Unicorn Industries cases. The petitioners' claim of vested rights due to prior Letters of Credit is rejected, as they were at the procurement stage, not shipment stage. The conditions in the Notification enabling exports for fulfilled contractual obligations are not arbitrary or violative of Article 14. The doctrine of legitimate expectation cannot be upheld per the Sup..... .....

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