Buyer duty to exercise caution when purchasing import licences; failure to verify may attract legal consequences. A buyer of transferable import licences acquired from the open market bears a duty to exercise due diligence: the purchaser must make enquiries and take requisite precaution before acquiring licences; failure to do so may result in attendant legal consequences. This advisory applies to all licence types bought from the market, including SIL, DEPB, DFIA and DFRC, and directs importers, agents and trade members to verify licences prior to purchase.
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.
Buyer duty to exercise caution when purchasing import licences; failure to verify may attract legal consequences.
A buyer of transferable import licences acquired from the open market bears a duty to exercise due diligence: the purchaser must make enquiries and take requisite precaution before acquiring licences; failure to do so may result in attendant legal consequences. This advisory applies to all licence types bought from the market, including SIL, DEPB, DFIA and DFRC, and directs importers, agents and trade members to verify licences prior to purchase.
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