https://www.taxtmi.com/caselaws?id=399671 The court upheld the validity of Clause 2(iii) of the RBI Circular dated 23/01/2020, emphasizing its necessity for regulating foreign exchange and aligning with the Foreign Trade Policy. It dismissed the petition challenging the restrictions on Merchanting Trade Transactions (MTT) involving PPE products, ruling that the restrictions were reasonable and essential for managing the country's foreign exchange reserves and ensuring an adequate supply of PPE products during the COVID-19 pandemic. The court held that such policy decisions fall within the government's domain and are not subject to judicial review without evidence of fraud or lack of bona fides. en-us Thu, 08 Oct 2020 00:00:00 +0530 Fri, 16 Oct 2020 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399671 The court upheld the validity of Clause 2(iii) of the RBI Circular dated 23/01/2020, emphasizing its necessity for regulating foreign exchange and aligning with the Foreign Trade Policy. It dismissed the petition challenging the restrictions on Merchanting Trade Transactions (MTT) involving PPE products, ruling that the restrictions were reasonable and essential for managing the country's foreign exchange reserves and ensuring an adequate supply of PPE products during the COVID-19 pandemic. The court held that such policy decisions fall within the government's domain and are not subject to judicial review without evidence of fraud or lack of bona fides. Case-Laws Customs Thu, 08 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399671