(Department of Commerce)

(DIRECTORATE GENERAL OF FOREIGN TRADE)

NOTIFICATION

New Delhi, the 8th May, 2017 No. 06/2015-2020

S.O. 1448(E).—In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, as amended, read with Para 1.02 of the Foreign Trade Policy, 2015-2020 and in consequent to the decision of the Hon’ble Supreme Court dated 27.10.2015 in CA No.554 of 2006 the Central Government hereby makes the following amendments in the Target Plus Scheme for the exports effected during 01.04.2005 to 31.03.2006, of the Foreign Trade Policy (FTP) 2004-09 as amended from time to time:

1. The Clause 7 of Notification No.48 (RE 2005)/2004-2009 dated 20.02.2006 is amended to read as below:

“This will take effect for exports from 20.02.2006”

2. The Notification No.08 (RE 2006)/2004-2009 dated 12th June 2006 and Notification No. 20 (RE 2006)/2004- 2009 dated 13th July 2006 are hereby rescinded ab-initio.

Effect of this Notification: The Target Plus Scheme is implemented as per the decision of the Hon’ble Supreme Court dated 27.10.2015 in CA No.554 of 2006

[F. No. 01/94/180/893/AM08/PC-3(Pt)]

A. K. BHALLA, Director General of Foreign Trade

Notification No. 48/2005 dated February 20, 2006 and Notification No. 8/2006 dated June 12, 2006 amending ‘Target Plus Scheme’ under EXIM Policy/Foreign Trade Policy 2004-2009 to restrict/reduce benefit to exporter retrospectively from 1-4-2005 were ultra vires, as already accrued benefit cannot be taken away by retrospective amendment; therefore, the said notifications were read down to be effective only from dates they are issued

SUPREME COURT OF INDIA

Directorate General of Foreign Trade

v.

Kanak Exports

CIVIL APPEAL NO. 554 OF 2006 AND OTHERS

OCTOBER  27, 2015