https://www.taxtmi.com/caselaws?id=398912 The usance period under the import letter of credit was governed by the accepted sanction terms, which capped it at 180 days and left any extension to the bank's discretion. The petitioners could not rely on the foreign exchange trade credit framework to compel an extension to 270 days, because trade credit and the usance period under the bank's facility were distinct concepts. The HC held that it could not rewrite the contractual arrangement or substitute its own view for the terms accepted by the petitioners, and the bank was justified in refusing the request. en-us Fri, 25 Sep 2020 00:00:00 +0530 Mon, 28 Sep 2020 08:42:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398912 The usance period under the import letter of credit was governed by the accepted sanction terms, which capped it at 180 days and left any extension to the bank's discretion. The petitioners could not rely on the foreign exchange trade credit framework to compel an extension to 270 days, because trade credit and the usance period under the bank's facility were distinct concepts. The HC held that it could not rewrite the contractual arrangement or substitute its own view for the terms accepted by the petitioners, and the bank was justified in refusing the request. Case-Laws FEMA Fri, 25 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398912