2016 (8) TMI 143

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....ment dated 10.10.2013 whereby above noted LPA No. 582 of 2003 was dismissed. The facts of the case are that in terms of the prevalent EPCG scheme, the petitioner had imported machinery at a concessional rate of customs duty with an undertaking/ export obligation to export goods worth three times the CIF value of the licence/imported goods. The export obligation was specifically mentioned in US dol....

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.... in rupee terms. We are not persuaded by this argument because, firstly the petitioner is seeking to set up entirely a new case and secondly, the export obligation being specifically mentioned in US$, ought to have been met accordingly. However, even if the undertaken obligation was discharged in DM, the equivalent value of the specified US$ would have to be met. Furthermore, the DM convertible ra....