Indian Kanoon - Search engine for Indian Law

27. Per contra, the respective learned counsels for the respondent Nos.1 to 3 in W.P.Nos.38158 of 2003/W.P.No.22282 of 2009 submitted that the Foreign Trade (Development and Regulation) Act, 1962 and the rules made thereunder and the Export and Import Policy and the Handbook of Procedure and customs Notifications constitute a complete code by themselves and therefore it is not open for a manufacturer exporter like the petitioners availing the benefit of the Export Promotion Capital Goods Scheme to violate the conditions of the license and the bond executed by them in terms of the Export and Import Policy and question the power to demand interest by them. They therefore submit that they are justified in demanding interest.