M/s. RAMCHAND JAGADISH CHAND vs UNION OF INDIA AND OTHERS

The Supreme Court held that the fundamental right to carry on any occupation under Article 19(1)(g) is subject to reasonable restrictions imposed by the State in the interest of the public. The Court upheld the validity of the Import Trade Control Policy and the powers of the Controller of Imports and Exports under the Imports and Exports (Control) Act, 1947, stating that the authority to grant or refuse import licenses is not arbitrary but governed by specific provisions. The petitioner's claim for a full import license was dismissed as the reduction in license value was deemed reasonable and not discriminatory.