2024 (4) TMI 84

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.... above mentioned goods at USD 305 and 335. In relation to such import, the petitioner had submitted an irrevocable letter of credit on 02.01.2016 in favour of the supplier. 2. The Director General of Foreign Trade issued Notification No.38/2015-2020 dated 05.02.2016 (Notification No.38) under Section 3 of the Foreign Trade (Development and Regulation) Act 1992, fixing the minimum import price of USD 500 per MT in relation to 173 HS Codes under Chapter 72 of the Customs Tariff Act. The said notification contained an exemption in respect of imports under letters of credit submitted prior to the date of the notification subject to conditions. The petitioner had applied for registration of the transaction on 18.02.2016 and such registration wa....

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.... Ganesan, learned junior standing counsel, made submissions in response. She pointed out that the petitioner's reply to the show cause notice is not available in the records of the respondent. She further submitted that the petitioner was provided three opportunities for personal hearing on 16.02.2022, 18.02.2022 and 22.02.2022 and that the petitioner failed to attend any of these hearings. On the merits of the dispute, she contended that paragraph 1.05(b) of the Foreign Trade Policy requires that the irrevocable commercial letter of credit should be registered with the jurisdictional Regional Authority (RA) within 15 days from the date of the notification. Since the petitioner did not comply with this requirement, she submits that the ....