https://www.taxtmi.com/caselaws?id=447744 A transitional arrangement under paragraph 1.05(b) of the Foreign Trade Policy 2015-20 can protect an import from a later DGFT restriction where the shipment is covered by an irrevocable commercial letter of credit established before the restriction and the contractual and payment obligations were completed within the protected period. In the described analysis, water melon seeds were treated as having been ordered, contracted for, and fully paid for before the restriction, with shipment-linked documents supporting compliance. On that basis, the later restriction did not defeat the import, and the confiscation and penalties were said to fall away once the import was treated as covered by the transitional regime. en-us Tue, 02 Jan 2024 00:00:00 +0530 Thu, 04 Jan 2024 09:10:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447744 A transitional arrangement under paragraph 1.05(b) of the Foreign Trade Policy 2015-20 can protect an import from a later DGFT restriction where the shipment is covered by an irrevocable commercial letter of credit established before the restriction and the contractual and payment obligations were completed within the protected period. In the described analysis, water melon seeds were treated as having been ordered, contracted for, and fully paid for before the restriction, with shipment-linked documents supporting compliance. On that basis, the later restriction did not defeat the import, and the confiscation and penalties were said to fall away once the import was treated as covered by the transitional regime. Case-Laws Customs Tue, 02 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447744