(1) THIS appeal is against the judgment and order of a Division Bench of the High Court of Punjab and Haryana. Thereby the writ petition filed by the appellant was dismissed. Briefly stated, these are the facts: The appellant purchased a consignment of acrylonitrile from a supplier in the United States of America and, on 29-4-1992, filed with the Customs Authorities at Kandia the bill of entry in respect thereof. It is common ground that the price indicated in the bill of entry reflects the true value of the consignment.

(2) ON 29-4-1992 the exchange rate notified by Reserve Bank of India was one US dollar equal to Rs 25.95. On 27-3-1992 the respondents, acting in exercise of the power conferred by Section 14(3) of the Customs Act, notified the rate of exchange for the purposes of Section 14 at one US dollar equal to Rs 31.44. For the purposes of customs duty the rupee equivalent of the price paid for the appellants consignment was calculated at this rate.

(3) THE appellants filed the writ petition to quash the notification dated 27-3-1992, inter alia, on the ground that the fixation of the exchange rate thereunder was arbitrary. As aforestated, the writ pet