https://www.taxtmi.com/caselaws?id=72744 A saving clause in Public Notice No. 67/77 protected imports where a firm commitment by irrevocable letter of credit had been concluded before the cut-off date. The decisive factor was the earlier bank application, acceptance, and communication of commitment to the foreign seller; a later formal issue of the letter of credit was treated as confirmatory and not a fresh post-deadline commitment. The notice was also not enforceable against importers without reasonable publication or effective trade notice. On that reasoning, the imports were treated as covered by the saving clause and the confiscatory and penal consequences were not sustainable. en-us Thu, 14 Aug 1986 00:00:00 +0530 Tue, 24 May 2011 17:28:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=72744 A saving clause in Public Notice No. 67/77 protected imports where a firm commitment by irrevocable letter of credit had been concluded before the cut-off date. The decisive factor was the earlier bank application, acceptance, and communication of commitment to the foreign seller; a later formal issue of the letter of credit was treated as confirmatory and not a fresh post-deadline commitment. The notice was also not enforceable against importers without reasonable publication or effective trade notice. On that reasoning, the imports were treated as covered by the saving clause and the confiscatory and penal consequences were not sustainable. Case-Laws Customs Thu, 14 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=72744