1990 (2) TMI 196

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....f diamonds as prescribed under Para 207 of the Policy Book for the year 1985 to 1988. The petitioners are holders of Diamond Trading Company Licence (D.T.C.) and in pursuance of that licence had imported certain quantity of diamonds. The Diamond Trading Company Licence created an obligation upon the petitioners to export certain quantity of diamonds after cleaning, cutting and polishing. Paragraph 206 of the Policy Book 1985-88 dealt with 'Bulk Licence for Rough Diamonds' and provided that bulk import licences may be issued for import of unset and uncut diamonds to (1) Hindustan Diamond Co. Ltd., Bombay, (2) MMTC, New Delhi and (3) Any other agency duly approved by the Government for this purpose against foreign exchange released to them....

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....etitioners, submitted that the petitioners who have imported diamonds under Diamond Trading Co. Licence had imported large quantity of diamonds and therefore are entitled to replenishment licence as prescribed under paragraph 207(2) of the Policy. The learned counsel urged that when the petitioners applied to the Joint Chief Controller of Imports and Exports for replenishment licence, the licence was granted only in respect of part of the valuation of the export and not for the entire value of the export. The Controller of Imports and Exports informed the petitioners by letter dated October 24, 1988 that there is no provision to consider the claim for replenishment licence in terms of paragraph 207(2) of 1985-88 Policy Book against the D.T.....