TITAN INDUSTRIES LIMITED Vs. ADDITIONAL COMMISSIONER OF CUSTOMS

JUDGEMENT

(1.) Heard the learned counsel appearing for the parties.

(2.) This writ petition is for the issuance of a Writ of Mandamus directing the first respondent to release the bank guarantee furnished by the petitioner in respect of imports made against the Value Based Advance Licences as sought for in their letter dated 17.3.1999.

(3.) The petitioner is a manufacturer of quartz analog watches and is an exporter of the same, has imported several items as per the Export Import Policy 1992-97. The petitioner had obtained the Value Based Advance licence (hereinafter referred to as "VABAL" in short) for the export of watches and import of components. The petitioner imported certain items against the export already made. At this stage, the Customs authorities had entertained a doubt regarding the valuation of the import and after lot of correspondences, they permitted release of the consignment on furnishing of bank guarantee during the period 19.5.1998 to 9.1.1999. Certain doubts having crept up, the first respondent had correspondence with the Joint Director General of Foreign Trade (R2), who clarified that there was nothing amiss in the import dated 21.4.1998 and the goods can be released on taking an undertaking. On the basis of such letter, the petitioner made several representations for return of the bank guarantee. Since the matter remained pending, the present writ petition has been filed.