High Court Rules Export Obligations Can Be Fulfilled in Rupees; Revenue's Argument on EXIM Policy Rejected.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Cancellation of Advance licence - fulfilment of export obligation - The RBI has clarified that the ‘transaction in question pertains to exports from India against liquidation of rupee balance of the erstwhile USSR.’ - The contention of the revenue that the EXIM Policy did not permit the discharge of export obligation in Indian Rupees, is untenable - HC....