SC Upholds import of gold and silver bars under Duty-Free Imports under DFCE Scheme was valid, rejecting alleged Circular Trading and fraudulent entitlement

Last updated: 12 January 2026

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Quick Summary

The Supreme Court has upheld the validity of Adani Enterprises Ltd.'s imports of gold and silver bars under Duty-Free Credit Entitlement (DFCE) licenses. The court rejected the Commissioner of Customs' allegations of fraudulent entitlement and circular trading, finding that Adani had genuinely processed and added value to goods before export. The Supreme Court affirmed that customs authorities cannot question the validity of DFCE licenses issued by the DGFT unless they are formally cancelled.

Court :
Supreme Court of India

Brief :
The Hon'ble Supreme Court in the case of Commissioner of Customs, Ahmedabad v. Adani Enterprises Ltd. [Civil Appeal No. 32471/2025, order dated October 10, 2025], after condoning the delay and uphold the CESTAT Ahmedabad judgement that the imports of gold and silver bars made by Adani Enterprises Ltd. under the Duty-Free Credit Entitlement ("DFCE") licenses issued by DGFT were valid, rejecting allegations of fraudulent entitlement and circular trading.

Citation :
Civil Appeal No. 32471/2025, order dated October 10, 2025

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