M.G. WAGH & ORS. vs JAY ENGINEERING WORKS LTD.

The Supreme Court held that the expression 'no person entitled to sell or procure the sale of the said goods' in Section 12(2) of the Foreign Exchange Management Act, 1999, should not be narrowly construed to apply only to goods that have not yet been exported. The Court clarified that the provision encompasses both 'exports on sale' and 'exports for sale', ensuring that foreign exchange earned from all types of export transactions is protected. The appeal was allowed, and the matter was remitted to the Competent Authority for further consideration.