| Date: |
22-01-2015 |
| Subject: |
DGFT seeks five days to respond to RiddiSiddhi |
MUMBAI: The Directorate General Of Foreign Trade (DGFT) has sought five days to repond to Riddi Siddhi Bullion Ltd's petition in the Bombay High Court against an order that imposed a penalty of Rs 100 crore on the company and canceled its permission to import bullion in the current fiscal year.
DGFT also informed the court that it had apprised all customs authorities about the court's stay of its January 14 order for four weeks from the date of issue. This means RSBL, whose bullion imports were curbed after the order, can import for some time more or longer if the the high court stays the DGFT order.
RSBL will now amend its writ petition of October 10 to fight the case against DGFT. The case is likely to come up in court next week. DGFT's order cancelled RSBL's nominated agency certificate (NAC) - allowing it to import gold in 2014-15 -- and slapped it with a penalty of Rs 100 crore for not exporting 200 kg out of 550 kg imports during the fiscal year (FY 2014) as per the Reserve Bank of India (RBI) circular of July 22, 2013.
Justifying the order, DGFT's additional director general of foreign trade, Kavita Gupta, said, "Rule 13 (2) of Foreign Trade (Regulation) Rules 1993, says no person shall dispose of any goods imported by him against a licence except in accordance with the terms and conditions of such licence."
Source : economictimes.indiatimes.com
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