TaxTMI 
TaxTMI 
2018 (10) TMI 1424
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....xport of agricultural products. On 15.04.2018, the petitioner had placed an order for import of 12500 MT of yellow peas with one Gold Key Foodstuff Trading LLC of Dubai for an amount of 33,12,500.00 USD at the rate of 265.00 USD per MT. Against such order, an advance of 75,000.00 USD was paid on the same day. The petitioner also placed similar order of import of 12500.00 MT of yellow peas at the same rate with the same exporter. Against the second contract, the petitioner made an advance payment of 50,000.00 USD. 1.1 The petitioner was granted registration for such imports on 02.05.2018. On 15.04.2018, the import export policy envisaged free import of yellow peas. On 25.04.2018, however certain changes were made, which we will notice later....
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....oner was granted registration on 17.05.2018. In this case also, Court granted interim order pursuant to which import of entire quantity is over. 4. As recorded, yellow peas was free from any restriction for import as per the Government of India Import Export policy. This was amended by notification dated 25.04.2018, which provided as under: "S.O. (E): In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time to this time, the Central Government hereby amends the Import policy of items of Chapter 7 of the ITC (HS) 2017, Schedule -1 (Import Policy) as under: Exim Code Item Description Existing Policy Existing policy condi....
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.... defined as to include shipment already arrived from 01.04.2018 to 25.04.2018 and "those shipments backed by irrevocable commercial letter of credit and advance payment made through banking channel before 25.04.2018". 5. On 18.05.2018, Government of India, Ministry of Commerce and Industry, issued a clarificatory Trade Notice No.12/2018. Reference was made to the term already imported as explained in the said notification dated 25.04.2018. In this respect it was clarified as under: "3. Clarifications were sought by some RAs whether 'advance payment' in the above paragraph will include part advance or only full advance payment. It has been decided that apart from ICLC, only those shipments which are backed by 100% advance payments before ....
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....mount paid in advance by the importer before 25.04.2018. In this regard, RAs shall verify the date with regard to payment made through Bank (SWIFT) alongwith the quantity and value as mentioned in the contract." 7. The sequence of events would thus show that by virtue of notification dated 25.04.2018, peas were no longer free to import. The item was placed under restriction. Restriction being, that for a period between 01.04.2018 to 30.06.2018, the total quantity of one lakh MT of yellow peas, which would include the quantity, which have already imported between 01.04.2018 to 25.04.2018 shall be permitted. This term "already imported" would include shipments backed by irrevocable commercial letter of credit and advance payment made throug....
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....such product, mainly in Maharashtra and Karnataka and neighbouring states. Despite imposition of higher import duty, the imported goods turn out to be cheaper than the local producers of the goods, and therefore, to protect the interest of the farmer sector, such restrictions have been imposed; with the philosophy of which we can find no fault. To ease the importers' difficulties, the Government of India also came up with further clarification dated 05.07.2018 providing that it was decided to allow imports of peas against an advance payment in such a manner that quantity proportional to the part advance payment made before 25.04.2018 would be permitted to be imported. Thus, in case a importer had made part payment by way of advance for any ....