Foreign Trade Policy continuity: prior authorisations remain valid despite later restrictions, subject to registration and original validity. The Policy may be amended by the Central Government by notification, and existing authorisations issued prior to a new Policy remain valid for their original purpose and duration unless otherwise specified. If a previously permitted export or import is later restricted, such transactions will ordinarily be allowed provided shipment is made within the original authorisation validity and against available balance and irrevocable commercial letters of credit established before the restriction; for operationalisation such letters of credit must be registered with the concerned Regional Authority within a short period after the restriction.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Foreign Trade Policy continuity: prior authorisations remain valid despite later restrictions, subject to registration and original validity.
The Policy may be amended by the Central Government by notification, and existing authorisations issued prior to a new Policy remain valid for their original purpose and duration unless otherwise specified. If a previously permitted export or import is later restricted, such transactions will ordinarily be allowed provided shipment is made within the original authorisation validity and against available balance and irrevocable commercial letters of credit established before the restriction; for operationalisation such letters of credit must be registered with the concerned Regional Authority within a short period after the restriction.
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