JUDGMENT

KRISHNA IYER, J.:—Silver is a precious metal and policy decision that the silver resources of the nation shall be conserved may well be wise policy. But public morality is more precious than silver and gold for individual and nation and to honour the plighted word of a public body is proof of this higher policy. The relevance of this observation, about the link-up of law and morality is basic to the decision of this case. What then, is the morality of the law vis a vis Government policy on export of silver? This is the question, in its jural dimensions, which has been ably argued by counsel. Such a capsulated statement, we know, is but an oversimplification, and we will proceed to unfold in fuller detail the facts and the law, the conflict and its resolution.

2. Arguments have been heard on the substantive issues as if we were disposing them of finally and not provisionally on an interlocutory basis. This has been made clear even in the ad interim order passed by this Court while granting leave. Therefore, this decision will virtually end the writ petition pending in the Bombay High Court. This procedure has the consent of all the counsel and their parties and brings to a c