Law:

Section:

(a) Foreign Exchange Manual, 2013-------Chap. XXIII, Ss. 14, 9, 5 & 16---Import Policy Order, 2013, S. 4---Import Policy Order, 2009, Preamble---Constitution of Pakistan, Art. 199---Constitutional petition---Import of Sprinkler Lorries---Payment for imports---Letters of Credit---Permission of State Bank of Pakistan required for revolving letters of credit---Amendments to letters of credit---Scope---Petitioner under Import Policy Order, 2009 could import sprinkler lorries whereas under the new Import Policy Order, 2013 sprinkler lorries of specification of the petitioner could not be imported---Section 4 of the Import Policy Order, 2013 stated that the amendments made in the letter of credit would not affect imports made on basis of bill of lading or letters of credit established prior to date of new Import Policy Order, 2013---Contention of petitioner was that he had established the letter of credit for import prior date of promulgation of Import Policy Order, 2013 and the period of letter of credit was one year, so within the said year, he could import old lorries through the letter of credit that had been established prior to promulgation of Import Policy Order, 2013---Validity---Section 14 of Chapter XXIII the Foreign Exchange Manual, 2013 provided different types of "letters of credit", and the petitioner had in fact required establishment of a "revolving letter of credit"---Letter of credit, in the present case was one credit but with different drafts as different consignments were imported, but issuance of such letter of credit was not allowed under S.14 of Chapter of XXIII of the Foreign Exchange Manual, 2013 as the requirement for opening such letter of credit was that the petitioner submitted an application to the State Bank of Pakistan, and without permission of the State Bank of Pakistan, the petitioner's Bank could not open such a letter of credit, therefore, issuance of letter of credit to the petitioner was against law---No doubt that letter of credit could be established on providing letter of invoice, but then all consignments mentioned in the invoice were to be imported at one and the same time, which was not done in the present…

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