TMI Blog1993 (7) TMI 94X X X X Extracts X X X X X X X X Extracts X X X X ..... re granted Exim Scrips, allowing them import of certain goods. Under the policy decision, the petitioner could purchase such Exim Scrips for making payment of imported material. According to the case of the petitioner when he purchased Exim-scrips, he purchased the same at the rate which was higher than otherwise prevalent. However, when the goods arrived in the Indian Port on April 29, 1992, the Customs officials wanted to fix value of the goods imported by applying different rate of exchange as determined by the Central Government under Section 14(3)(i) of the Customs Act. Since there was difference in the exchange rate, the petitioner was made to suffer enormously. The allegation of the petitioner is that under the Import Policy, the Cen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r offered for sale, for delivery at the time and place of importation or exportation, as the case may be, in the course of international trade, where the seller and the buyer have no interest in the business of each other and the price is the sole consideration for the sale or offer for sale : Provided that such price shall be calculated with reference to the rate of exchange as in force on the date on which a bill of entry is presented under Section 46, or a shipping bill or bill of export, as the case may be, is presented under Section 50, (1A) Subject to the provisions of sub-section (1), the price referred to in that sub-section in respect of imported goods shall be determined in accordance with the rules made in this behalf. (2) No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usted in w-accordance with the provisions of Rule 9 of these rules." The relevant date for determining valuation of the imported goods for the purposes of charging duty is the date of entry of goods as provided under Section 46 of the Act and such relevant date in the present case is April 29, 1992 which fact is not disputed. 3. At the outset, it may be pointed out that provisions of Customs Act which are subject matter of interpretation in this case have nothing to do with the Import or Export Policy of the Central Government. The contention of the learned counsel for the petitioner is that the Central Government is estopped from withdrawing the concession which was in the form of a promise allowing the petitioner to purchase Exim Scri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , it may further be stated that the actual value paid in U.S. Dollars is already known. Under sub-section (3) of Sec. 14 the rate of exchange is to be applied. If it is so determined by the Central Government, Section 14(3) (i) would apply and if it is not so determined then rate is to be ascertained as provided under Section 14(3)(ii) in such manner as the Central Government may direct for the conversion of Indian currency into foreign currency or foreign currency into "Indian currency". These terms are ascribed the meaning as defined under the Foreign Regulation Act. Such rate under the aforesaid Act is fixed by the Reserve Bank of India as stated. The contention of the learned Counsel for the petitioner is that the rate of exchange as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nced export assistance scheme declaring cash assistance at a particular rate on export of certain material. It was such concession which was retrospectively withdrawn and the matter was considered by the High Court and it was held that the Government should uniformly withdraw the same retrospectively and the action was invalid. In the present case, the Central Government has not withdrawn any concession earlier announced as already stated above in the import policy announced. The petitioner in fact imported the goods on payment of the price on submission of Exim Scrips which might have been purchased by the petitioner from others as already stated above in U.S. Dollars. The value of the articles imported would remain the same. At the time o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
