https://www.taxtmi.com/caselaws?id=85995 An advance licence is governed by the Export and Import Policy and procedure in force on the date of issue, so later norms cannot retrospectively impair rights already crystallised under an earlier licence. Where a quantity-based advance licence was granted after the competent authority examined the application, subsequent publication of norms could not justify cancellation, modification, or a direction to surrender the original licence, especially after the export obligation had been fulfilled. The Bombay HC held the surrender direction arbitrary and illegal and required the respondents to endorse transferability and revalidate the licence. en-us Wed, 14 Aug 1996 00:00:00 +0530 Tue, 09 Aug 2011 15:15:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=85995 An advance licence is governed by the Export and Import Policy and procedure in force on the date of issue, so later norms cannot retrospectively impair rights already crystallised under an earlier licence. Where a quantity-based advance licence was granted after the competent authority examined the application, subsequent publication of norms could not justify cancellation, modification, or a direction to surrender the original licence, especially after the export obligation had been fulfilled. The Bombay HC held the surrender direction arbitrary and illegal and required the respondents to endorse transferability and revalidate the licence. Case-Laws Customs Wed, 14 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=85995