9911796707
TMI Blog1994 (1) TMI 103X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1947. Under the 1990 Policy REP Licences/Exim Scrips were issued against export of products. Under the 1990 Policy all goods save and except goods falling under prohibitive list were allowed to be imported against REP licences/exim scrip. Silk was mentioned in [Appendix] 5 Part A and the same was allowed to be imported on REP Licences/Exim Scrip. REP Licences/Eximp Scrip are transferable in the market and can be purchased and or sold in the open market. The petitioners purchased REP Licences/Exim Scrip for import of raw silk/tusser silk and entered into a contract on 14-12-1992 with Silk Korea Trading Corporation, Hongkong D.P.R. Korea for purchase of 7850 kgs. Raw Silk 20/22 DENIER. The foreign seller supplied the goods on 28-12-1992 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the 1992 Policy. The petitioners having failed to get the goods released moved the present writ petition under Article 226 of the Constitution of India praying that the circular dated 17-12-1992 be quashed and direction be issued to the Customs Authorities to release the goods imported by the petitioners. 3.It was submitted by the learned counsel for the petitioners that the 1992 Policy itself has provided for the overlapping period and a transitional arrangement was made in respect of the licences issued before the 1992 Policy came into effect. This transitional arrangement was required to be made because the traders who had purchased REP Licences/Exim Scrip from the market or exporters who had exported the goods would suffer a loss if ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted under an old policy only if it is importable under the new existing policy and since silk was put under the negative list in the 1992 Policy the import of raw silk though done under the REP licence/Exim Scrip purchased and contracted before the circular was issued, could not be allowed. Learned counsel further submitted that under the 1992 Policy any notification made or public notice issued or anything done under the previous Export Import Policies would continue to be in force and would be deemed to have been made, issued or done under the new policy provided it was not inconsistent with the provisions of the new policy. Since the item of silk was put in the negative list, it being inconsistent with the existing policy import under th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cences issued before the commencement of this policy shall continue to be valid for import/export of the items permitted therein." 7.On a plain reading of Clause 4 of the 1992 Policy it is clear that the licences issued before commencement of the 1992 Policy would continue to be valid for import/export of the items permitted thereunder. The transitional arrangement was necessary because of the overlapping period. The reliance placed by the respondents on the earlier portion of Clause 4 of the 1992 Policy is without any basis because it only refers to notifications and public notices issued under the previous policies which were in force immediately before the commencement of the 1992 [Policy]. Once the licences were issued under the old P ..... X X X X Extracts X X X X X X X X Extracts X X X X
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