law: Foreign Trade (Development and Regulation) Act,1992 
  3. Powers to make provisions relating to imports and
  
  exports.—
  (1) The Central Government may, by Order published in the
  
  Official Gazette, make provision for the development and regulation of foreign
  
  trade by facilitating imports and increasing exports.
  (2) The Central Government may also, by Order published in the
  
  Official Gazette, make provision for prohibiting , restricting or otherwise
  
  regulating, in all cases or in specified classes of cases and subject to such
  
  exceptions, if any , as may be made by or under the Order, the import or export
  
  of goods.
  (3) All goods to which any Order under sub section (2) applies
  
  shall be deemed to be goods the import or export of which has been prohibited
  
  under section 11 of the Customs Act, 1962 (52 of 1962) and all the provisions
  
  of that Act shall have effect accordingly.
  Comment  : “5. It would, therefore, be clear that grant
  
  of license depends upon the policy prevailing as on the date of the grant of
  
  the license.  The Court, therefore, would not bind the Government with a
  
  policy which was existing on the date of application as per previous
  
  policy.  A prior decision would not bind the Government for all times to
  
  come.  When the Government are satisfied that change in the policy was
  
  necessary in the public interest, it would be entitled to revise the policy and
  
  lay down new policy.  The Court, therefore, would prefer to allow free
  
  play to the Government to evolve fiscal policy in the public interest and to
  
  act upon the same.  Equally, the Government is left free to determine
  
  priorities in the matters of allocations or allotments or utilization of its
  
  finances in the public interest.”: P. T. R. Exports (Madras) Pvt. Ltd. v.
  
  Union of India, AIR 1996 SUPREME COURT 3461