2006 (8) TMI 213

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....er opened the Letter of Credit referred to above securing the price of 2220 Metric Tonnes of sugar. 5.The petitioner procured sugar from Gayatri Sugar Ltd. The said Gayatri Sugar Ltd. has a sugar factory in Nizamabad District in Andhra Pradesh. 6.An agreement was executed between the said Gayatri Sugar Ltd. and the petitioner. 7.The said Gayatri Sugar Limited agreed to supply sugar to the petitioner for the purpose of export, with a view to fulfill its export obligations against import of raw sugar for reprocessing into white sugar under Advance Licence No. 0910022142 dated 7th March, 2005. It was an express condition of the agreement between Gayatri Sugar Ltd. and the petitioner that the petitioner would complete shipment for export wit....

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....d print media." 10.Paragraph 1.5 of the Foreign Trade Policy provides as follows : In case an export or import that is permitted freely under"1.5. this Policy is subsequently subjected to any restriction or regulation, such export or import will ordinarily be permitted notwithstanding such restriction or regulation, unless otherwise stipulated, provided that the shipment of the export or import is made within the original validity of an irrevocable letter of credit established before the date of imposition of such restriction." 11.The power to formulate the Export and Import Policy as also the power to amend the Export and Import Policy is circumscribed by the express provisions of Section 5 of the Foreign Trade (Development and Regulati....