https://www.taxtmi.com/caselaws?id=349516 A restrictive import notification issued after a letter of credit has already been established for the subject import does not defeat transitional protection under paragraph 1.5 of the Foreign Trade Policy if the import otherwise satisfies the policy conditions. The decisive factor is the pre-existing letter of credit relating to the import, not whether it was opened by the original importer or the high seas buyer. In a high seas sale, the buyer would ordinarily not open the original letter of credit, and transitional benefit may still be claimed where the submission is made to the DGFT authorities. Confiscation and penalty are not sustainable on the sole ground that the letter of credit was opened by the original importer. en-us Thu, 21 Sep 2017 00:00:00 +0530 Mon, 30 Apr 2018 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349516 A restrictive import notification issued after a letter of credit has already been established for the subject import does not defeat transitional protection under paragraph 1.5 of the Foreign Trade Policy if the import otherwise satisfies the policy conditions. The decisive factor is the pre-existing letter of credit relating to the import, not whether it was opened by the original importer or the high seas buyer. In a high seas sale, the buyer would ordinarily not open the original letter of credit, and transitional benefit may still be claimed where the submission is made to the DGFT authorities. Confiscation and penalty are not sustainable on the sole ground that the letter of credit was opened by the original importer. Case-Laws Customs Thu, 21 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349516