https://www.taxtmi.com/caselaws?id=116419 A post-notification floor-price restriction can make previously freely importable goods subject to licence requirements where the import price falls below the prescribed minimum. Transitional protection under paragraph 1.5 of the Export and Import Policy 1997-2002 applies only if shipment is made within the original validity of an irrevocable letter of credit opened before the restriction took effect. Because the shipment here occurred under an extended, not original, credit validity, the importer could not claim the transitional benefit and confiscation was sustained. The absence of mala fide conduct justified moderation of the monetary consequence, resulting in reduction of the redemption fine and setting aside of the personal penalty. en-us Tue, 16 Aug 2005 00:00:00 +0530 Tue, 12 Jun 2012 13:21:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=116419 A post-notification floor-price restriction can make previously freely importable goods subject to licence requirements where the import price falls below the prescribed minimum. Transitional protection under paragraph 1.5 of the Export and Import Policy 1997-2002 applies only if shipment is made within the original validity of an irrevocable letter of credit opened before the restriction took effect. Because the shipment here occurred under an extended, not original, credit validity, the importer could not claim the transitional benefit and confiscation was sustained. The absence of mala fide conduct justified moderation of the monetary consequence, resulting in reduction of the redemption fine and setting aside of the personal penalty. Case-Laws Customs Tue, 16 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=116419