JUDGMENT

B.P. Jeevan Reddy, J.-Leave granted.

2. With a view to encourage exports, the Government of India issued the "Export and Import Policy (1st April, 1992 and 31st March, 1997)" introducing inter alia a scheme called "Duty Exemption Scheme" contained in Chapter-VII. Under this scheme, imports of duty free raw materials, components, intermediates, consumables, parts, spares including mandatory spares and packing materials required for the purpose of export production could be permitted subject to the fulfilment of a time bound export obligation and value addition as may be specified." Advance licences could be based on either value of quantity; it was for the exporter to apply either for a value based advance licence or a quantity-based advance licences [vide Clauses 47 and 48]. Clause 49 in Chapter-III sets out the particulars to be mentioned in the advance licence. One of the particulars to be mentioned is "(d) the value addition in accordance with the standard Input-Output norms published by means of a Public Notice or, in respect of items for which such norms have not been published, value addition as may be specified by the competent authoity." Clause 52 expressly provid