https://www.taxtmi.com/caselaws?id=469132 Duty-free import benefit under a Value Based Advance Licence could not be denied merely because the Rupee-denominated licence value was exhausted, where sufficient balance remained in freely convertible currency. The licence values in Indian Rupees and US dollars had to be tracked with the prevailing exchange rate, and the Rupee balance could not be mechanically matched to the foreign currency balance. The policy circular treated the balance CIF value in freely convertible currency as the relevant factor for advance authorization clearances. On that basis, the available foreign currency balance covered the disputed imports, and denial of duty-free benefit was unjustified; the clearance was also revenue neutral. en-us Thu, 28 Jul 2022 00:00:00 +0530 Wed, 03 Jun 2026 17:45:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469132 Duty-free import benefit under a Value Based Advance Licence could not be denied merely because the Rupee-denominated licence value was exhausted, where sufficient balance remained in freely convertible currency. The licence values in Indian Rupees and US dollars had to be tracked with the prevailing exchange rate, and the Rupee balance could not be mechanically matched to the foreign currency balance. The policy circular treated the balance CIF value in freely convertible currency as the relevant factor for advance authorization clearances. On that basis, the available foreign currency balance covered the disputed imports, and denial of duty-free benefit was unjustified; the clearance was also revenue neutral. Case-Laws Customs Thu, 28 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469132