https://www.taxtmi.com/caselaws?id=400166 Gold medallions and gold granules imported on the relevant dates were not shown to have been brought within the restricted import category, because import policy can be changed only by amendment or notification under the Foreign Trade (Development and Regulation) Act, 1992 and not by circular. The later notifications restricting such imports operated prospectively, while RBI circulars governed only the banking mechanism for nominated banks and agencies, not import policy itself. On that basis, the confiscation and penalty orders could not be sustained. en-us Fri, 16 Oct 2020 00:00:00 +0530 Wed, 10 Feb 2021 15:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400166 Gold medallions and gold granules imported on the relevant dates were not shown to have been brought within the restricted import category, because import policy can be changed only by amendment or notification under the Foreign Trade (Development and Regulation) Act, 1992 and not by circular. The later notifications restricting such imports operated prospectively, while RBI circulars governed only the banking mechanism for nominated banks and agencies, not import policy itself. On that basis, the confiscation and penalty orders could not be sustained. Case-Laws Customs Fri, 16 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400166