https://www.taxtmi.com/caselaws?id=799111 Paragraph 1.05(b) of the Foreign Trade Policy, 2023 provides transitional protection for bona fide import commitments made before a restrictive import notification. Although the provision expressly refers to irrevocable commercial letters of credit, substantial advance payments may provide equivalent or greater payment security to overseas sellers where business records establish genuine pre-existing transactions. The restriction on gold imports remains a policy decision, but its transitional application requires a purposive construction. Delegated legislation ordinarily operates prospectively unless retrospective operation is statutorily authorised. Pre-notification gold import transactions supported by substantial advance payments qualify for the transitional benefit. en-us Wed, 09 Sep 2026 00:00:00 +0530 Thu, 17 Sep 2026 07:52:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799111 Paragraph 1.05(b) of the Foreign Trade Policy, 2023 provides transitional protection for bona fide import commitments made before a restrictive import notification. Although the provision expressly refers to irrevocable commercial letters of credit, substantial advance payments may provide equivalent or greater payment security to overseas sellers where business records establish genuine pre-existing transactions. The restriction on gold imports remains a policy decision, but its transitional application requires a purposive construction. Delegated legislation ordinarily operates prospectively unless retrospective operation is statutorily authorised. Pre-notification gold import transactions supported by substantial advance payments qualify for the transitional benefit. Case-Laws Customs Wed, 09 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799111