1995 (7) TMI 83

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.... a partnership firm carrying on business of export and import of rough diamonds. By letter dated February 20, 1986, the petitioners applied for issuance of an advance licence and the licence was issued on July 21, 1986 for value of Rs. 20,11,200/-. While granting the said imprest licence, the respondents called upon the petitioners to furnish Bank guarantee for 50% of the licence value as a condit....

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.... of furnishing legal undertaking has given rise to this petition under Article 226 of the Constitution of India. 2. Shri Kamdar, learned counsel appearing on behalf of the petitioners, submitted that the petitioners are registered exporters and are carrying out the import and export of rough diamonds and cut and polished diamonds. We have perused the Note under Para 340 of the Hand Book of Impo....