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of <h1>Supreme Court Upholds 8% Cash Compulsory Support Premium on Import License</h1> <h3>UOI and Ors. Versus Prince Rubber Industries</h3> The Supreme Court affirmed the High Court's ruling to award an 8% Cash Compulsory Support premium on an advance import license, in accordance with ... Grant of benefit u/s FTP - Deputy Director General wrote to the Writ Petitioner (the respondent herein) that its claim for grant of 8 % Cash Compulsory Support premium against the advance import licence under the scheme funded by the Reserve Bank of India cannot be allowed as the scheme had been closed since 1994. - Held that: - The High Court has held that the Writ Petitioner (respondent herein) had applied on 26.07.1993. Hence its application was within time. The concerned authorities failed to take necessary action on the application of the Writ Petitioner, and their inaction cannot be a ground for denying the claim of the Writ Petitioner. - We see no infirmity in the impugned judgment. The Supreme Court upheld the High Court's decision to grant 8% Cash Compulsory Support premium against an advance import license, as per circular No. 11 dated 05.05.1993. The appeal was dismissed with no costs.
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