INDIA FOREIGN EXCHANGE

 
 
 
 
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    India Foreign Exchange Info

     

    Foreign Trade (Regulation) Rules, 1993

     

    7. Refusal of licence

    (1) The Director-General or the licensing authority may, for reasons to be recorded in writing, refuse to grant or renew a licence, if-

    (a) the applicant has contravened any law relating to customs or foreign exchange;

    (b) the application for the licence does not substantially conform to any provision of these rules;

    (c) the application or any document used in support thereof contains any false or fraudulent or misleading statement;

    (d) it has been decided by the Central Government to canalise the export or import of goods and distribution thereof, as the case may be, through special or specialised agencies;

    (e) any action against the applicant is for the time being pending under the Act or Rules and orders made thereunder;

    (f) the applicant is or was a managing partner in a partnership firm, or is or was a director of a private limited company, having a controlling interest, against which any action is for the time being pending under the Act or Rules and orders made thereunder; ...continued

     
     
     
     
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