1999 (8) TMI 77

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..... of the High Court of Punjab and Haryana. Thereby the writ petition filed by the appellant was dismissed. Briefly stated, these are the facts : 2.The appellant purchased a consignment of acrylonitrile from a supplier in the United States of America and, on 29th April, 1992, filed with the Customs authorities at Kandla the Bill of Entry in respect thereof. It is common ground that the price indica .....

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..... s power in the Central Government to determine the rate of exchange for the purposes of Section 14 of the Act, that is to say, in respect of the rate of exchange applicable in the computation of the value of imported goods. The question is whether the fixation of the rate of Rs. 31.44 on 27th March, 1992, with effect from 1st April, 1992, is arbitrary, principally, having regard to the fact that t .....

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..... Bank of India is the accepted and determinative rate of exchange for foreign exchange transactions. If it is to be deviated from to the extent that the notification dated 27th March, 1992 does, it must be shown that the Central Government had good reasons for doing so. The Reserve Bank of India's rate, as we have pointed out, was Rs. 25.95, the rate fixed by the notification dated 27th March, 1992 .....

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