https://www.taxtmi.com/caselaws?id=238448 Under the EPCG scheme, export obligation fixed in US dollars is to be computed with the exchange rate prevailing on the date the licence is issued, because that rate is used only to convert the CIF value into foreign currency when the obligation is set. The obligation is then to be discharged in freely convertible currency, so it cannot later be reworked by applying the exchange rate on the date of export. A subsequent policy circular could not be applied retrospectively to exports already completed or substantially performed. The attempt to recompute the obligation on the export-date rate was therefore inconsistent with the scheme. en-us Thu, 10 Oct 2013 00:00:00 +0530 Mon, 20 Nov 2017 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238448 Under the EPCG scheme, export obligation fixed in US dollars is to be computed with the exchange rate prevailing on the date the licence is issued, because that rate is used only to convert the CIF value into foreign currency when the obligation is set. The obligation is then to be discharged in freely convertible currency, so it cannot later be reworked by applying the exchange rate on the date of export. A subsequent policy circular could not be applied retrospectively to exports already completed or substantially performed. The attempt to recompute the obligation on the export-date rate was therefore inconsistent with the scheme. Case-Laws Customs Thu, 10 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238448