https://www.taxtmi.com/caselaws?id=45249 The Supreme Court found the Central Government's fixation of the exchange rate at Rs. 31.44 per U.S. dollar under the Customs Act to be arbitrary due to lack of justification. Despite not striking down the notification, the Court directed calculation of the consignment value at the Reserve Bank of India's rate of Rs. 25.95 per U.S. dollar, the actual amount paid by the appellant. Consequently, the appeal was allowed, the challenged order was set aside, and the bank guarantee furnished at the higher exchange rate was discharged. en-us Thu, 12 Aug 1999 00:00:00 +0530 Fri, 09 Jul 2010 13:44:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=45249 The Supreme Court found the Central Government's fixation of the exchange rate at Rs. 31.44 per U.S. dollar under the Customs Act to be arbitrary due to lack of justification. Despite not striking down the notification, the Court directed calculation of the consignment value at the Reserve Bank of India's rate of Rs. 25.95 per U.S. dollar, the actual amount paid by the appellant. Consequently, the appeal was allowed, the challenged order was set aside, and the bank guarantee furnished at the higher exchange rate was discharged. Case-Laws Customs Thu, 12 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=45249