( 1 ) THIS appeal arises out of the judgment and order of P. K. Banerjee, J. dated July 29, 1970 whereby the learned Judge has set aside the order passed under Section 3 (2) of the Foreign Exchange Regulation Act. 1947 by the Deputy Controller, Reserve Bank of India, cancelling the authorisation in favour of the petitioner under Section 3 (1) of the said Act. It appears that since 1944 the petitioner had a licence to deal in foreign currency granted to the petitioner subject to such conditions as might from time to time be notified by the Reserve Bank of India. On March 25, 1947 the petitioner was granted an authorisation or a licence to deal in foreign currency by the Reserve Bank of India in exercise of the power conferred by Section 3 of the Foreign Exchange Regulation Act, 1947. The said authorisation was to purchase and sell foreign currency notes and coins at 34, Garden Reach Road, Kidderpore and Dura Dum Airport, Calcutta, subject to such conditions as might be notified from time to time by the Reserve Bank of India. On January 9, 1968 it is alleged that one Mr. J. G. Bayliss had tendered at the Dum Dum Airport to the petitioner a sum of Rs. 792 for