JUDGMENT :

The petitioner is stated to be a company engaged in foreign exchange and remittance business through several branches spread over metropolitan and major cities in the country, on the strength of an Authorised Dealers Category-II licence issued by the Reserve Bank of India under the provisions of the Foreign Exchange Management Act, 1999, (hereinafter referred to as ‘the FEMA’), and the Regulations issued thereunder.

2. The petitioner states that, in terms of the licence issued to it under the provisions of the FEMA, and the relevant regulations, the petitioner is permitted to import foreign currencies. It is stated that during the month of April 2024, the petitioner wanted to import certain foreign currencies consisting of Thai Baht, Malaysian Ringgit, Philippine Peso, Canadian Dollar, Japanese Yen, Chinese Yuan and Singapore Dollar through Yes Bank Ltd. It is stated that the bank had filed a Bill of Entry declaring the goods to be falling under Tariff Item No.49070020 of the First Schedule to the Customs Tariff Act, 1975, and sought to avail the benefit of the concessional rate of customs duty under Serial No. 304A of Notification No.50/2017-Customs dated 30-06-2017 as am