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8. Having heard the learned counsel for the parties, we find that under Section 3 of the Foreign Trade Act the Central Government has been empowered to make provision for the development and regulation of foreign trade by facilitating import and increasing export. Under Section 5 of the Foreign Trade Act the Central Government has been empowered to formulate and announce by notification in the Official Gazette the EXIM policy. Under Section 7 of the Foreign Trade Act every exporter or importer is to be allotted an Import Exporter Code Number. Section 8 of the Foreign Trade Act provides for suspension and cancellation of Importer Exporter Code Number where any person has contravened any law relating to the Central Excise, Customs, Foreign Exchange or has committed any other economic offences. Section 9 of the Foreign Trade Act empowers the Director General to grant, renew, refuse to grant or renew a licence to export or import. He has also been empowered to suspend and cancel any licence of good and sufficient reason to be recorded in writing. The power relating to search and seizure has also been provided that Section 10 of the Foreign Trade Act. Penalty and confiscation has also been taken care of in the Foreign Trade Act.