TMI Blog2006 (8) TMI 211X X X X Extracts X X X X X X X X Extracts X X X X ..... tric tonnes of lentils were to be supplied within 180 days from the date of the agreement and as per the foreign buyer's requisition placed from time to time. 3. Pursuant to the aforesaid contract the foreign buyer opened an irrevocable Letter of Credit No. 044306010061 dated 30th may, 2006 to cover the price of 700 metric tonnes of red whole lentils. The Letter of Credit was amended on 12th June, 2006 to cover 1165 metric tonnes instead of 700 metric tonnes and again on 22nd June, 2006 to cover 5165 metric tonnes of red whole lentils. The letter of credit according to the petitioner is valid till 27th August, 2006. 4. It is alleged that the Respondent Authorities allowed export of consignments covered by three shipping bills but did no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... est". 4. 11. The customs authorities intercepted the consignments covered by eleven shipping bills at the border ostensibly in view of the aforesaid Notification No. 15 (RE-2006)/2004-09 dated 27th June, 2006 stated to be issued in exercise of power conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Paragraph 1.3 and Paragraph 2.1 of the Foreign Trade Policy of 2004-09. 12. Prior to issuance of the aforesaid notification lentils were freely exportable under the Foreign Trade Policy. Export of inter alia lentils have, however, been prohibited by the aforesaid notification. 13.The amendment of the Foreign Trade Policy by the said notification dated 27th June, 2006 could not apply to the consign ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... covered by the letters of credit opened on or after 22nd June, 2006. The Letter of Credit having been amended on 22nd June 2006 to cover additional 4000 metric tonnes export was stopped. 17.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 Regulation)Act, 1992 which provides as follows : "Export and Import 5. Policy. - The Central Government may, from time to time, formulate and announce, by notification in the official Gazette, the export and import policy and may also, in like manner, amend that policy. 18. The Foreign Trade Policy can only be amended by notification in the Official ..... X X X X Extracts X X X X X X X X Extracts X X X X
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