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The Supreme Court of India ruled that the doctrine of unjust enrichment does not apply to the encashment of bank guarantees, which are considered security rather than payment of customs duty. The court directed the Revenue to refund amounts covered by bank guarantees that were improperly encashed. The decision reversed a previous High Court ruling and clarified that encashed bank guarantees do not equate to duty paid, thus exempting the appellant from unjust enrichment claims.
- Author
- Nekvrita Yadav
- Language
- EN