JUDGMENT

N.V. RAMANA, J.

1. Leave granted.

2. This case arises out of the impugned order dated 20.10.2016, in Revision Petition No. 614 of 2015, passed by the National Consumer Disputes Redressal Commission [hereinafter referred as ‘NCDRC’ for brevity] wherein the NCDRC has allowed the Revision and set aside the order of the District Forum which was confirmed by the State Commission.

3. A brief reference to the facts of the case necessary for the disposal of this case are that, the appellant had purchased an insurance policy No. SCR0000093, dated 27.07.2000, from respondent no. 1 against any loss suffered due to the reason of risks involved in the export of goods from India. Under Clause 13 of the contract, the respondent had agreed to pay 90% of the accrued loss, in the following manner

Clause 13 - Percentage of loss payable: The portion of the amount of loss which the Corporation hereby agrees to pay shall be 90%.

4. It would be necessary to note that the parties had explicitly included a clause concerning the rate of currency exchange in the following manner

Clause 17 Rate of Exchange: All payments under this policy shall be in Indian Rupee at the head office of the Corporation and, fo