Liquidity Adjustment Facility – Oil Marketing Companies’ Government of India Special Bonds (Oil Bonds) as eligible collateral under LAF/MSF and Removal of Margin Requirement for Reverse Repos
It has been alleged that the bank authorities are refusing to accept payment stating that since IDS, 2016 has closed on 30.09.2016 the banks cannot accept the challan beyond the date.
The Honble Bombay HC in the above stated case held that when the wordings of law are quite clear then law should be applied in its letter and no space could be made for logical or beneficial or constructive interpretation.
G.S.R. (E). – Whereas in the matter of “Low Ash Metallurgical Coke” (hereinafter referred to as the subject goods) falling under sub-heading 2704 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act)
