https://www.taxtmi.com/caselaws?id=81874 A pre-ban irrevocable Letter of Credit for imported moulds was treated as protected under the relevant import policy because it was opened before moulds were deleted from the Open General Licence and the later extension did not create a fresh commitment. Shipment within the extended credit period and the 90-day window in the public notice kept the imports within the protected category. The clarification from the import policy authorities supported this treatment, and the REP licence provisions invoked by the customs authority were held inapplicable. Confiscation and penalty under the Customs Act were therefore set aside. en-us Fri, 05 Jun 1992 00:00:00 +0530 Wed, 29 Jun 2011 14:58:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=81874 A pre-ban irrevocable Letter of Credit for imported moulds was treated as protected under the relevant import policy because it was opened before moulds were deleted from the Open General Licence and the later extension did not create a fresh commitment. Shipment within the extended credit period and the 90-day window in the public notice kept the imports within the protected category. The clarification from the import policy authorities supported this treatment, and the REP licence provisions invoked by the customs authority were held inapplicable. Confiscation and penalty under the Customs Act were therefore set aside. Case-Laws Customs Fri, 05 Jun 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=81874