https://www.taxtmi.com/caselaws?id=48038 An export restriction on sugar introduced by notification could not be applied to a shipment covered by an irrevocable letter of credit opened before the restriction took effect. The Foreign Trade Policy preserved exports that were freely permitted when such a letter of credit was established, and the later notification amendment could not retrospectively defeat that transitional protection. Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 allows the Central Government to amend export policy by official notification, but that power did not authorise retroactive curtailment of a pre-existing protected shipment. Export was therefore required to be permitted within the validity period of the letter of credit. en-us Fri, 18 Aug 2006 00:00:00 +0530 Mon, 02 Aug 2010 13:14:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=48038 An export restriction on sugar introduced by notification could not be applied to a shipment covered by an irrevocable letter of credit opened before the restriction took effect. The Foreign Trade Policy preserved exports that were freely permitted when such a letter of credit was established, and the later notification amendment could not retrospectively defeat that transitional protection. Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 allows the Central Government to amend export policy by official notification, but that power did not authorise retroactive curtailment of a pre-existing protected shipment. Export was therefore required to be permitted within the validity period of the letter of credit. Case-Laws Customs Fri, 18 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=48038