2009 (1) TMI 648

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....p;   The appellant imported rough marble blocks, which require specific import licence. They were having licence dated 20-8-08 issued in pursuance of Policy Circular No. 13 dated 30-6-08, enabling them to import rough marble blocks, subject to "floor price of US $ 325 per M.T." (b)     The appellant imported Rough Marble Blocks and filed 10 bills of entry for clearing the said imported consignments. Appeal No. C/727/08 relates to 8 bills of entry [No. 1000 dated 24-9-08 and No. 1002 to 1008 dated 27-9-08] by which, they imported a total quantity of 792.81 MTs. declaring CIF value of Rs. 97,52,216/-. The prices declared were varying with a minimum of 229.10 US $ PMT and a maximum of 301.72 US $ PMT in each ca....

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.... licence originally by the DGFT in pursuance of the Policy Circular dated 30-6-08 and they have filed the Bills of entry in September 2008 but by revised Policy Circular dated 31-10-08, the floor price for the impugned goods have been reduced to US $ 275 PMT; such revision was necessitated as the prevailing market prices were considerably reduced during intervening period. Since, they have not yet cleared the goods from the Customs, they should be allowed the benefit of revised lower floor price for the consignment and the licence should be held valid and the goods should not be confiscated. 4.2 He relies on para 2.26 of Exim Policy relating to 2000-2009, which reads as follows : 2.26 Clearance of Goods from Customs Goods....

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....ion offered for such excess quantity should not be accepted. He seeks upholding the order of the Commissioner. 6. We have carefully considered the submissions from both sides. We find that the licence dated 20-8-08 has the validity period of 24 months. It has been issued in pursuance of the Policy Circular dated 30-6-08 which contained the condition that floor price should be US $ 325 PMT. There is an amended Policy" Circular dated 31-10-08 reducing the said floor price to US $ 275 PMT. Apparently, this reduction has caused the price of the commodity in the international market. The goods have been imported during the currency of the Policy Circular dated 30-6-08 and bills of entry have been filed before amendment dated 31-10-08. Th....