Back
B. P. COLABAWALLA, SOMASEKHAR SUNDARESAN
Jindal Cocoa LLP – Appellant
Versus
Reserve Bank of India – Respondent
JUDGMENT :
SOMASEKHAR SUNDARESAN, J.
1. Rule. Rule is made returnable forthwith. Respondents waive service. By consent, heard finally.
Introduction:
2. This Petition essentially challenges the interpretation of the Reserve Bank of India’s Master Circular on Rupee/Foreign Currency Export Credit & Customer Service to Exporters, dated July 1, 2015 (“Master Circular”) by the Banking Ombudsman (Respondent No. 3) appointed by the Reserve Bank of India (Respondent No. 1 “RBI”). The Banking Ombudsman dismissed the Petitioners’ grievance against the very same interpretation that had been taken by HDFC Bank Limited (Respondent No. 4, “HDFC Bank”).
3. Jindal Cocoa LLP (“Borrower”), is a limited liability partnership engaged in the business of exporting cocoa and cocoa products. HDFC Bank had extended Indian Rupee-denominated pre- shipment credit by way of a running account facility under the Master Circular to the Borrower. The Borrower, along with its two partners Mr. Vijay Jindal and Ms. Jayshree Vijay Jindal, are collectively the Petitioners.
Regulatory Context and Background:
4. Under the Master Circular, banks extend credit to their clients who are exporters, at a special interest rate applicab
Timely submission of export documents is crucial for maintaining export credit eligibility, but minor delays do not negate export credit status if exports were made within the permissible period.
Timely submission of export documents is crucial for maintaining export credit eligibility, but minor delays do not negate export credit status if exports were made within the permissible period.
The main legal point established in the judgment is that the actions of the borrower-Company, including non-repayment, diversion of funds, and disposal of assets, constituted wilful default under the....
The exporter/appellant’s fault here is that it did not file the requisite declaration. In all other respects, i.e. as to whether they conform to the description in the shipping documents and the valu....
The court affirmed the petitioner's entitlement to an export subsidy under the Government Resolution, emphasizing equal treatment under Article 14 of the Constitution.
Duty drawback on deemed exports is available without needing to furnish actual customs duty payment evidence if All Industry Rates are specified, irrespective of prior cenvat credit claims.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
