JUDGMENT

VENKATACHALIAH, C.J.I.:- By this petition under Article 32 of the Constitution of India, M/s. Pankaj Jain Agencies, the petitioner, assails the vires of the Notification No. 142/86-Cus. dated 13-2-1986 of the Central Government issued in exercise of powers under S.25(1) of the Customs Act, 1962, amending the earlier Notification No. 70 / 85 dated 17-3-1985. These notifications relate to rates of customs duty on the imports of parts, components and sub-assemblies of Ball Bearings and Roller Bearings. The impugned notification specifically relates to parts of Ball and Roller Bearings.

2. The petitioner carries on business of imports of component parts of Ball and Roller Bearings and claims to be the beneficiary by assignment and transfer of certain replenishment licences initially issued in favour of M/s. Geo Millers & Co. Pvt. Ltd., New Delhi, against exports made by the said licencee. The licences were transferred to M/s. Ashoka Enterprises, New Delhi, Which in turn , further transferred the licences in favour of the petitioner.

Pursuant thereto, the petitioner claims to have entered into an agreement with M/s. Business Birds, Singapore, for the supply of cups of Chinese ma