2018 (2) TMI 1510

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.... payment. 2. On the own showing of the petitioner, he holds a licence styled as REP Licence. That is issued on account of the petitioner's business of an exporter and importer of rough and polished diamonds. The export and import policy prevailing at the relevant time under the Foreign Trade (Development and Regulation) Act, 1992 enables the authorities, namely, respondent nos. 1 and 2 to issue these licences and a policy to regulate them. 3. A policy circular no. 11 of 1993 dated 5th May, 1993 is relied upon to claim the premium on the REP Licence. The petitioner claims to be holder of such licence with effect from 2nd February, 1993. Subsequent to the issuance of this circular, the petitioner approached the first respondent and ....

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....as the Reserve Bank of India (RBI) which would provide funds to parties like the petitioner. The Director General of Foreign Trade at its regional offices acted as disbursing officers. They would scrutinise the claims of the parties. The Director General has no funds of its own to be disbursed to the concerned parties. Once the funds were to be provided by the RBI and this was not a open ended scheme, but remained in force till October, 1993 and it was reviewed from time to time by replenishment circulars, pertinently, there is no such replenishment beyond 9th May, 1994. Even as per this circular of replenishment no. 9 of 1994, rejected applications could be reopened only if the licences were valid on 1st March, 1993 either with their origi....

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....ity to surrender the eximscrips and to receive the premium of 20% on them. Thus, the matter was discussed further and the details are set out in para 3 of the circular. The circular itself says that in cases of advance or imprest licence issued prior to 1st March, 1993, the premium may be paid 8% to the extent imports are yet to be made on or after 1st March, 1993, but is restricted to the permissible imports in proportion to the exports already effected and export proceeds realised prior to 1st March, 1993. Thereafter, there are further stipulations and a reading of this circular would reveal that the benefits thereof would have to be availed of so long as the circular remained in force. The circular was clearly referable to the policy.....