2015 (12) TMI 316

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....e Court : The writ petitioner was issued nine advance licences. Seven were issued between 3rd April, 2007 and 17th July, 2007. Two were issued on 25th February, 2009 and 26th February, 2009. These advance licences were issued under a scheme which was part of the import and export policy of our country. An importer was given the benefit of duty free import. The imported items had to be used as i....

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.... on 11th July, 2014 by an order imposing a penalty of Rs. 25 lacs for the each of the licences, on the petitioner and its Directors. The petitioner preferred an appeal from the said order which is pending before the Director General of Foreign Trade. However, there appears to be a change in the circumstances in or about November, 2014. It appears from the letter of the petitioner to the Joint Di....

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....rt yarn duty free on their undertaking to export the stipulated quantity of goods within a specified period of time. The whole purpose of issuance of the advance licences was to promote export with the incentive of duty remission if the export obligation was fulfilled. If for any bona fide reason an importer/exporter has been unable to fulfil his export obligation within the stipulated time, his c....