H CHAMPALAL JAIN Vs. UNION OF INDIA REP BY ITS SECRETARY, DEPARTMENT OF COMMERCE; DEPUTY DIRECTOR GENERAL OF FOREIGN TRADE, FOR JOINT DIRECTOR GENERAL OF FOREIGN TRADE AND STATE BANK OF INDIA, OVERSEAS BRANCH

JUDGEMENT

(1.) This matter came to be posted before this Court on being specially ordered by the Hon'ble Chief Justice vide order dated 23.10.2008. The writ petitioner seeks to set aside the order dated 23.6.2006 passed by the second respondent and also for a further direction to the third respondent to pay the petitioner the amount of Rs. 8,83,400/- being the value of the scrips surrendered to the third respondent State Bank of India with interest at the rate of 18% from the date of submission of licence till the date of payment.

(2.) Pending the writ petition, the petitioner sought for an interim direction in the miscellaneous petition and only notice was ordered. On behalf of the second respondent, a counter affidavit dated 07.11.2008 was filed. The third respondent also filed a counter affidavit dated 22.9.2006.

(3.) It is seen from the records that the first respondent Union of India introduced a scheme for issue of exim scrips with effect from 4.7.1991 at the rate of 30% on the foreign exchange earned by the exporters by the issuance of a public notice No. 185 ITC dated 31.7.1991. The exim scrips were easily transferable and saleable. Thereafter, when the issuance of exim scrips were withdrawn, the State Bank of India was authorised to buy exim scrips at a premium of 20% of the sale value of exim scrips.