https://www.taxtmi.com/caselaws?id=73521 The Import-Export Policy required the canalising agency to scrutinise the registration and, within 60 days, indicate the supply arrangement it could make, while paragraph 69 confined financial cover to not more than the sale value of three months' quantity at a time. A demand for a letter of credit for the entire balance quantity was contrary to that framework and therefore was not a valid offer under the policy. On that basis, paragraph 155(1) entitled the actual user to seek direct import of the balance quantity when the canalising agency failed to make the required arrangement, and no objection certificate was not required. en-us Wed, 18 Sep 1985 00:00:00 +0530 Wed, 25 Jan 2012 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=73521 The Import-Export Policy required the canalising agency to scrutinise the registration and, within 60 days, indicate the supply arrangement it could make, while paragraph 69 confined financial cover to not more than the sale value of three months' quantity at a time. A demand for a letter of credit for the entire balance quantity was contrary to that framework and therefore was not a valid offer under the policy. On that basis, paragraph 155(1) entitled the actual user to seek direct import of the balance quantity when the canalising agency failed to make the required arrangement, and no objection certificate was not required. Case-Laws Customs Wed, 18 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=73521