https://www.taxtmi.com/caselaws?id=756328 The Andhra Pradesh HC examined the validity of Notification 20/2023 dated 20.07.2023 prohibiting export of Non-Basmati White Rice. The court held that the Central Government has power to formulate and amend Foreign Trade Policy in public interest, making the notification valid. However, the court ruled that the notification cannot have retrospective effect to take away vested rights of exporters who had Letters of Credit issued before 20.07.2023. The court disposed of the writ petitions, directing that the notification shall have prospective effect only for petitioners with pre-existing contractual obligations evidenced by Letters of Credit issued prior to the notification date. en-us Thu, 11 Jul 2024 00:00:00 +0530 Sat, 21 Sep 2024 12:35:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756328 The Andhra Pradesh HC examined the validity of Notification 20/2023 dated 20.07.2023 prohibiting export of Non-Basmati White Rice. The court held that the Central Government has power to formulate and amend Foreign Trade Policy in public interest, making the notification valid. However, the court ruled that the notification cannot have retrospective effect to take away vested rights of exporters who had Letters of Credit issued before 20.07.2023. The court disposed of the writ petitions, directing that the notification shall have prospective effect only for petitioners with pre-existing contractual obligations evidenced by Letters of Credit issued prior to the notification date. Case-Laws Customs Thu, 11 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756328