SAIFUL ISLAM SEKH Vs. UNION OF INDIA

JUDGEMENT

(1.) Learned counsel for the petitioner contends that the petitioner has gold transactions with foreign entities and for such purpose set-offs are necessary.

(2.) By pointing out to clause C26.1, in particular sub-clause (ii)(c) of the Master Direction - Export of Goods and Services issued by the Reserve Bank of India, initially on January 01, 2016 and updated till May 12, 2016, it is argued that if the invoices under the transaction-in question are not being investigated by the Directorate of Enforcement/CBI or any other investigative agency, the process of set-off can go through.

(3.) When the petitioner insisted upon such set-off being carried out from the end of the AD Bank, the respondent-bank refused to do so and sought a clarification to be obtained from the Enforcement Directorate (E. D.) in that regard.