Summarize the following court judgment. Civil Appeal Nos. 628 & 629 of 1981. Appeals by Special Leave from the Judgment and Order dated the 21st December	 1979 of the Delhi High Court in E.F.A.(O.S.) No. 5 of 1977. Shankar Ghosh	 and D.N. Gupta	 for the Appellant in CA. 628/81 & for Respondent in CA. No. 629/81. B. Dutta for the Respondent in CA. 628/81 and for appellants in CA. No. 629/81. The Judgment of the Court was delivered by MADON	 J. These cross appeals by special leave arise out of execution proceedings adopted by Forasol	 a French Company	 having its principal office in Paris	 France	 against the Oil and Natural Gas Commission	 a statutory body incorporated under the oil and Natural Gas Commission Act	 1959 (Act XLIII of 1959)	 hereinafter for the sake of brevity referred to as 'ONGC '. On July 30	 1962 the Government of India invited global tenders for structural drilling for exploration of oil in the Jaisalmer area of the State of Rajasthan. The tender of Forasol was accepted by the Government of India and in pursuance thereof a contract dated February 17	 1964	 headed "Structural Drilling Contract"	 was entered into between ONGC and Forasol. Under the said contract	 ONGC engaged Forasol to carry out structural drilling in relation to the exploration for oil in the Jaisalmer area of the State of Rajasthan on the terms and conditions contained in the said contract. 535 The said contract was for a period of one year commencing from the date of the start of the drilling work. The said contract also gave an option to ONGC to extend the period by one more year. Article IX 3 of the said contract dealt with the currency of payment. It provided as follows: "IX 3.1. The operational fee	 standby fee and equipment charges payable to FORASOL have been specified in French Francs in Article IX 1.1.1. to IX 1.1.1. above. The amount payable to FORASOL on account of aforesaid fees and charges shall be computed in French Francs ONGC shall pay 80% of the aforesaid amount in French Francs and the remaining 20% in Indian Rupees using a fixed conversion rate of FF. 1.033=Re. 1.000." Under Article IX 3.2 the cost as well as the insurance	 packing	 forwarding and clearing charges in respect of the materials provided by Forasol and the freight	 insurance	 packing	 forwarding and clearing charges for transportation from a sea port or air port in France to India and back to a sea port in France or outside France if Forasol so chose	 in respect of the rig	 equipment	 machinery	 tools and other materials provided by Forasol were to be reimbursed to Forasol by ONGC in Indian rupees	 if the expenditure was initially incurred by Forasol in Indian rupees	 otherwise in French Francs. Under a Credit Agreement arrived at between the Government of India and the Government of France	 the Government of France had agreed to provide credit facilities to a limited extent to the Government of India for the import of plant	 machinery	 equipment and materials and for execution of certain projects including oil exploration. Under the said Credit Agreement	 credit was to be given by the French suppliers to the Indian buyers in the form of acceptance of payments on deferred basis upon the conditions laid down in the letters dated February 5	 1962	 exchanged between the Governments of India and France. Consequently	 in respect of the said contract	 Forasol had agreed under Article X 1.1 thereof to accept payment of its fees	 costs and charges payable in French Francs on deferred basis under the overall conditions of the said letters exchanged between the two Governments and Forasol and ONGC had agreed upon the estimates of the payments to be made to Forasol in French Francs under the said contract	 the invoicing rules and the mode of payment. Articles X 2	 X 3 and X 4 of the 536 said contract set out such estimates	 invoicing rules and the mode of payment. Under Article X 3.3	 Forasol was to indicate in each of it invoices the amount payable to it in French Francs and the amount payable to it in Indian rupees under the said contract. So far as the mode of deferred payment of French Francs was concerned	 Article X 4.1.1 provided for remittance by ONGC in French Francs immediately following the signing of the said contract of a sum of FF 73	 437.49	 being the 19/800th part (i.e. 1.25 per cent) of the total estimated amount of Forasol 's operational and stadby fees and equipment charges	 cost of the materials to be provided by Forasol and transportation charges in respect of Forasol 's rig	 equipment	 machinery and tools. Under Article X 4.1.2	 subsequent to the above remittance ONGC was to remit to Forasol in French amount 15/800th part (i.e. 1.875 per cent) of the total estimated amount in respect of the said items mentioned above	 that is FF 110	156.23 on each 5th day of August and February	 the first of such payments to be made on August 5	 1962 and the last on February 5	 1965. Article X 4.2 provided for payment by ONGC to Forasol of the balance of the amount due to Forasol. Under Article X 4.2.1	 on receipt of each of Forasol 's invoices in respect of operational fees	 standby fees and equipment charges accepted by ONGC	 Forasol was to present to ONGC a set of 14 promissory notes payable to CNEP (Paris) of equal value totalling to 87.5% of the French Franc Portion of the amount for which each of the said invoices had been accepted by ONGC and maturing on the 5th day of August and of February	 the first such dates being August 5	 1965 and the last being February 5	 1972. Within fifteen days of the date of receipt of the said promissory notes	 ONGC was to return the said promissory notes to Forasol (Paris) duly signed and stamped. Article X 4.2.2 provided for payment of the said promissory notes. The said Article was as follows: "X 4.2.2. ONGC binds itself	 irrevocably	 to pay in French Francs the promissory notes given by it to Forasol. Forasol shall present the promissory notes to CNEP (Paris) for collecting payment on the dates of maturity ONGC shall place with CNEP (Paris)	 at least one day before each date of maturity	 adequate funds to cover the total value of the promissory notes maturing on that date. " 537 Under Article X 4.3 ONGC undertook to pay to Forasol in French Francs simple interest at the rate of 5 per cent per annum and also a credit insurance charge at the rate of 1.08 per cent per annum. The other sub articles of Article X 4.3 provided for calculation of interest and insurance charges and for submission by Forasol every six months of invoices in respect thereof. Article X 4.3.2	 inter alia	 provided that "ONGC shall accept each invoice for the interest and insurance charge and shall remit the invoiced amount to Forasol in French Francs as early as possible but not later than two months after receipt of the invoice. " Provision was also made by the said Article X 4.3.2 for drawing of promissory notes payable at CNEP (Paris) maturing on each 5th day of August and of February	 the first of such dates being August 5	 1965 and the last being August 5	 1971. Under Article X 4.3.3 ONGC bound itself	 "irrevocably	 to pay in French Francs the promissory notes for interest and insurance charge given by it to Forasol." Article XI provided for payments to be made to Forasol in Indian rupees. Under Article XI.1.1. the rupee payment part of the operational and standby fees	 equipment charges and transportation charges payable to Forasol under the said contract was estimated to be FF 1	495	216 and ONGC was to pay to Forasol as an advance 10 per cent of the said amount	 namely	 FF 149	522	 in Indian rupees using a conversion rate of FF 1.033 equal to Rupee 1.000. The balance amount in respect of the aforesaid item was to be paid by ONGC to Forasol in Indian rupees using a conversion rate of FF 1.033 equal to Rupee 1.000 in the manner set out in the other sub articles of Article XI. On account of the hostilities between Pakistan and India which broke out in September 1965 the work under the said contract could not be completed and the operations to be carried out there under had to be suspended. The period of the said contract was thereupon extended by a supplementary agreement being Addendum No. 1 dated December 6	 1965	 by a period of six months with effect from the date on which the drilling operations in the Jaisalmer area were resumed at the expiry of the period of suspension. By another supplementary agreement being Addendum No. 2 dated July 30	 1966	 the period of the said contract was further extended by a period of five months from the moment at which all the equipment of 538 Forasol then under repair at Jodhpur arrived	 after completion of the repairs at the new drill site	 where ONGC might like to have drilling operations to be started under the said Addendum No. 2. Article 2.7 of the said Addendum No.2 provided as follows: "2.7. In case Forasol has to refund to ONGC an amount which cannot be adjusted or has not been adjusted against Forasol 's invoices for the last two months of the five months period of this Addendum	 Forasol shall refund the amount in cash in the same currency in which ONGC had paid it earlier. " By another supplementary agreement being Addendum No. 3 dated February 23	 1967	 the period of the contract was further extended till the completion of the drilling of Manhere Tibba Well No. 1 and in case ONGC should decide to test the said well till the completion of such test or till April 18.1967. whichever was earlier. Article 2.5 of the said Addendum No. 3 Provided as follows: "2.5	 In case Forasol has to refund to ONGC an amount which cannot be adjusted or has not been adjusted against Forasol 's invoices for the period of extension stipulated in Article 1.2 above	 Forasol shall refund the amount in cash in the same currency in which ONGC had paid it earlier. " It may be mentioned that each of the said supplementary agreements provided that all the terms and conditions of the original contract which were not repugnant to the terms and conditions agreed to for such supplementary agreements were to continue to apply until the termination of the said contract. The extended period of the said contract expired on April 13	 1967. In June 1966	 during the extended period of the said contract	 the Indian rupee was devalued	 and consequently in the course of correspondence which took place between the parties Forasol made a claim for conversion of Indian rupees into French Francs at a rate higher than the rate specified in Article IX. 3 of the said contract. 539 It may also be mentioned that ONGC paid to the income tax authorities towards the income tax liabilities of Forasol three sums aggregating to Rs. 11	95	304 as specified below: (1) Rs. 1	25	304 on September 14	 1967	 (2) Rs. 4	70	000 on February 14	 1968	 and (3) Rs. 6	00	000 on March 23	 1968. During the period of extension covered by the said Addendum No. 3 and after the expiry of that period disputes and differences arose between the parties. These were referred to arbitration as provided in the said contract. The parties appointed their respective arbitrators. The time for making the award was extended from time to time with the consent of the parties but as Forasol did not consent to any further extension	 the disputes were referred for arbitration to Mr. N. Rajagopala Iyyangar	 a retired judge of this Court	 being the Umpire appointed by the arbitrators. In the arbitration proceedings Forasol made claims against ONGC and ONGC made counter claims against Forasol. On March 8	 1972	 the Umpire entered upon the Reference and on December 21	 1974	 the Umpire made his award. To the said award an erratum was annexed by which a particular portion to the said award was deleted and substituted by a fresh portion to which we will revert later. For the present	 suffice it to say that by the said Erratum the Umpire awarded that from November 30	 1966 the rupee portion should be converted at the rate of FF 1	 000 equal to Rs. 1	517. 80 instead of the rate of exchange of FF 1	033 equal to Re. 1	000 provided in Article IX. 3.1 of the said contract and that this enhanced rate of exchange would apply to both Forsal and ONGC. The said award was filed in the Delhi High Court and on May 7	1975	 a decree in terms thereof was passed by that High Court with interest at the rate of 6 per cent per annum from the date of the decree till the date of payment of the net decretal amount. It is pertinent to note that neither party raised any objection to the said award or to the form in which the said decree was passed. After the said decree was drawn up	 Forasol filed in March 1976 an application for execution of the said decree being Execution No. 77 of 1976. Under the said award certain amounts were directed by the Umpire to be paid to Forasol by ONGC in French 540 Francs and certain amounts in Indian rupees	 and the amounts payable by Forasol to ONGC were to be adjusted and set off against the amounts payable by ONGC to Forasol. In the said execution application the rupee credit in favour of Forasol was converted into French Francs at the rate of Rupee 1. 5178 equal to FF 1.000 being the enhanced rate of exchange specified in the said award. After deducting the amounts payable to ONGC the balance payable to Forasol was shown as FF 5	 89	 727.51 being the equivalent of Rs. 11	 79	 455 with interest on the principal sum upto the date of payment and the costs of execution. The mode of execution specified in the said execution application was attachment and sale of the movable properties belonging to ONGC and specified in an annexure to the said execution application. In its objections to the said execution application ONGC contended that the enhanced rate of exchange specified in the said award was only with respect to the interest payable to Forasol from November 30	 1966	 and that to the rest of the payments to be made under the said award the rate of exchange mentioned in Article IX 3.1	 namely	 FF 1.033 equal to Rupee 1.000	 was applicable and that this contract rate of exchange applied both to the French Franc part as also the Indian rupee part of the said contract. ONGC also raised certain other contentions. On the basis of these contentions	 it was submitted by ONGC that instead of any amount being due to Forasol a sum of Rs. 6	43	831.44 was due by Forasol to ONGC. The learned Single Judge of the Delhi High Court who heard the said execution application rejected all the contentions of ONGC. He held that the contract rate of exchange applied only to the rupee part of the payment in respect of the items specified in Article IX 3. 1 of the said contract and that in respect of such payments from November 30	 1966	 the enhanced rate of exchange provided in the said award was to apply but in respect of the other payments to be made to Forasol in French Francs the rate of exchange prevailing at the date of the decree	 namely	 FF 1.000 equal to Rs. 1.938 would apply. The learned Single Judge directed that ONGC could satisfy the judgment debt by making payment in French Francs or	 if it so preferred	 by paying the equivalent of it in Indian rupees at the rate of exchange prevailing at the date of the decree and further ordered that if the decretal amount was not paid within two weeks	 attachment as prayed for should issue. Against the said judgment and order of the learned Single Judge ONGC filed an intra court appeal being E.F. A. (OS) 5 of 1977. The Division Bench of the Delhi High Court	 which heard the said appeal	 upheld the contention of ONGC that the 541 enhanced rate of exchange specified in the said award applied only to the interest payable to Forasol and that with respect to the rupee amount due to ONGC and which was to be adjusted against French Francs payable to Forasol	 the contract rate of exchange applied. It further held that as the said award was in French Francs	 by reason of the provisions of the Foreign Exchange Regulation Act	 1973 (46 of 1973)	 before executing the said award the French Francs would have to be converted into Indian rupees at the rate of exchange prevailing on the date of the said award	 namely	 FF 1.000 equal to Rupee 1.831. The Division Bench negatived the other contentions raised by ONGC. It is against this judgment and order of the Division Bench of the Delhi High Court that the present cross appeals have been filed. So far as Forasol 's appeal is concerned	 four points were urged on its behalf before us. These points were: 1. The rate of exchange specified in Article IX 3. 1 of the said contract	 namely	 FF 1.033 equal to Rs. 1.000	 was applicable only to 20 per cent of the payment to be made in Indian rupees by ONGC to Forasol. The Umpire by the said award fixed the rate of exchange at FF 1.000 equal to Rs. 1.5178 as from November 30	 1966	 in respect of such rupee payments only. The sum of Rs. 10	19	380.39	 being the balance amount of the sum of Rs. 11	95	304 which remained payable to ONGC by Forasol in respect of the income tax paid by ONGC on behalf of Forasol after making adjustments against the claim of Forasol	 was to be adjusted	 as directed by the said award	 against Forasol 's claim in French Francs on the respective dates of each payment of tax	 namely	 on September 14	 1967	 February 14	 1968	 and March 23	 1968	 and as all these payments were made after November 30	 1966	 and as under the said award the enhanced rate of exchange was directed to apply to 542 both parties	 the said sum of Rs. 10	19	383.39 was to be adjusted against the French Franc claim of Forasol at the enhanced rate of FF 1.000 equal to Rs. 1.5178. So far as the payment to Forasol in French Francs was concerned	 neither the said contract nor the said award provided for conversion of French Francs into Indian rupees and the said decree having been passed in foreign currency	 in case ONGC did not or could not make payment in French Francs	 the rate of conversion of French Francs	 into Indian rupees could only be at the rate of exchange prevailing at the date of the said decree	 that is	 on May 7	 1975	 which was FF 1.000 equal to Rs. 1.938. ONGC	 on the other hand	 submitted that the said contract provided a fixed rate of exchange of FF 1.033 equal to Re. 1.000 for all amounts payable under the said contract	 whether in rupees or in French Francs	 and	 therefore	 that rate alone should be taken as the correct conversion ratio except with respect to interest on the amount in Franch Francs payable to Forasol in respect of which the Umpire had enhanced the rate of exchange to FF 1.000 equal to Rs. 1.5178. In the alternative	 it was submitted that the conversion rate should be the one prevailing at the date of the said award	 that is	 on December 21	 1974	 namely	 FF 1.000 equal to Rs. 1.831. Thus	 there are four different rates of exchange which feature in this case	 namely	 Rate provided in the FF 1.033 = Rs. 1.000 said contract Rate fixed by the FF 1.000 = Rs. 1.5178 Umpire Rate at the date of the FF 1.000 = Rs. 1.831 said award namely on December 21	 1974 Rate at the date of FF 1.000 = Rs. 1.938 the decree	 namely	 on May 7	 1975 543 We shall first examine the said contract to determine whether the rate of conversion mentioned in the said Article IX 3.1 applied only to 20 per cent of the amounts in French Francs payable by ONGC to Forasol in Indian rupees in respect of Forasol 's operational fee	 standby fee and equipment charges as contended by Forasol or whether it applied to all payments to be made under the said contract	 whether in rupees or in French Francs	 as contended by ONGC. In doing so	 a cardinal fact must be borne in mind	 namely	 that it was a contract entered into between a foreign party and a Government of India undertaking and that under the said contract the foreign party had agreed to carry out structural drilling in relation to the exploration for oil	 discovery of oil being of vital importance to the national interests of India. From the nature of things	 the foreign party would not desire payment for the services to be rendered and the equipment to be supplied by it in a currency with which it had no connection and of the continuous stability of which it could not be certain. The foreign party would	 therefore	 naturally desire and bargain for payment in the currency of its own country	 namely	 in French currency. The more so	 as under the Credit Agreement entered into between the Government of France and the Government of India the Government of France had agreed that credit should be given by French suppliers to Indian buyers by accepting payment on deferred basis for the import of plant	 machinery	 equipment and materials and execution of certain projects including oil exploration	 and	 accordingly	 under Article X 1.1. of the said contract the French party	 Forasol	 had agreed to accept on deferred basis payment of the amounts due to it in French Francs. We have earlier referred to the relevant Articles of the said contract as also extracted some of them in order to emphasize that though under the said Article IX 3.1 Forasol had agreed to accept 20 per cent of its operational fee	 standby fee and equipment charges in Indian Rupees	 it wanted that the remaining 80 per cent of these fees and charges as also the other amounts which were payable to it under the said contract should be paid to it in French Francs only and should not be made dependent upon the stability of the Indian rupee in the international monetary market. To recapitulate	 the invoicing rules provided that in each of its invoices Forasol should indicate separately the amount payable to it in French Francs and the amount payable to it in Indian rupees and that so far as the French Franc part was concerned	 an initial payment was to be made immediately upon the signing of the said contract and the balance was to be paid by remittances in French Francs. Such remittances were to be made by Forasol presenting 544 to ONGC a set of promissory notes payable in Paris and under Article X 4 2.2 of the said contract ONGC irrevocably bound itself to pay in French Francs the promissory notes given by it to Forasol	 Similar provisions were made in the said contract for payment of interest and insurance charges to Forasol. If Forasol were to indicate separately in its invoices the payment to be made to it in French Francs and in Indian rupees and if the payment of such French Francs was to be made in Paris in French Francs	 the question of providing for a rate of exchange in the said contract for converting French Francs into Indian rupee cannot arise. Such conversion rate could only be in respect of the amounts payable to Forasol in Indian rupees. It is pertinent to note that under Article IX 3.1 the amount of fees and charges payable to Forasol were to be computed in French Francs and thereafter 80 per cent thereof was to be paid in French Francs and the remaining in Indian rupees. Even with respect to such twenty per cent Forasol did not want to be dependent upon a possible fluctuation in the exchange rate of rupee and	 therefore	 the 20 per cent part of the amount computed in French Francs was covenanted to be converted at a fixed rate provided in the said Article IX 3.1. This is made abundantly clear by the express terms of the said Article IX 3.1 when it states that "ONGC shall pay 80% of the aforesaid amount in French Francs and the remaining 20% in Indian Rupees using a fixed conversion rate of FF 1.033=Re. 1.000. " It is thus only the 20 per cent of the said fees and charges computed in French Francs in Forasol 's invoices but payable in Indian rupees which was to be converted at the aforesaid rate of exchange specified in the said contract. This interpretation receives further support from Article 2.2 of Addendum No. 2 and Article 2.5 of Addendum No. 3 extracted above under which amounts refundable by Forasol to ONGC were to be refunded in the same currency in which ONGC had paid them earlier. The contention of ONGC that the fixed rate of conversion provided in Article IX 3.1 applied to all payments to be made under the said contract to Forasol must	 therefore	 be rejected. What next falls to be considered is whether the enhanced rate of exchange specified by the Umpire in the said award applied only to the amount payable by way of interest to Forasol as contended by ONGC. This contention was rejected by the learned Single judge but found favour with the Division Bench of the Delhi High Court. It is necessary to set out some further facts in order to decide this point During the course of the hearing before the Umpire	 ONGC had 545 filed a statement showing the adjustment of the amount of French Francs due to Forasol against the amount of income tax paid by ONGC on behalf of Forasol. It was	 however	 erroneously assumed by the Umpire that the said statement was an agreed one. After the Umpire had drafted his award he handed over a copy of it to the parties in order that they might point out to him any incorrect statements or mistakes of a clerical or similar nature so that he could correct the same before the award was made and published. Accordingly	 both the parties appeared before the Umpire and agreed that there were certain errors in the draft award and requested the Umpire to correct these errors before he made and Published his award. The Umpire thereupon corrected the errors jointly pointed out to him by appending an Erratum to the said award. In the said Erratum the Umpire pointed out that the aforesaid statement was not an agreed one and he directed that certain portions of the award should be deleted and substituted by fresh paragraphs set out in the said Erratum. In the said Erratum the Umpire first pointed out certain errors of calculation and in the mentioning of figures which had been occurred. He then proceeded to state: "Incidentally it was pointed out that the statement on pages 145 6 and in the penultimate and last two paragraphs on page 149 regarding the document filed before me	 as regards the adjustment of FF claims due to Forasol against the income tax paid by ONGC was not an agreed statement	 but a statement prepared by O.N	 G.C. on their own to which Forasl had not consented	 As a result of this	 the question of adjustment of the income tax paid against FF claims	 as set out in the last para on page 149 and in the first two paragraphs on page 150 would be deleted and in their place the Award would state that 'the amounts of income tax paid by ONGC shall be adjusted against the FF claims due to Forasol on the date when each amount was paid in the manner set out earlier in the Award. ' "To achieve this purpose the paragraphs on pages 149 and 150 beginning with the words 'In the calculation of the interest on the several invoices ' and ending with 'I have already dealt with the conversion rate and there is no need to go into it again ' on page 150 shall be deleted and a new paragraph inserted	 which will read as follows: 546 X X X X X '. as a result the aggregate figure of interest payable to Forasol by O.N.G.C. upto 30 6 1974 would be FF 12	91	290	06. From this a small adjustment has to be made. when these are adjusted the amount due for interest by O.N.G.C. to Forasol would be FF 12.88.185.35. ' 'This figure of FF 12	91	290	06 has been calculated on the basis of conversion rate of FF 1.033 to a rupee (or FF 1033 for every Rs. 1	000/ ) which was the rate of exchange agreed to between thee parties under Article XI. 1.1.1 of the Agreement. Messrs Forasol have put forward before me a claim for enhanced rate of interest and their claim is that this should be Rs. 1	5178 for every FF or Rs. 1517	80 for every FF 1	000	 I find that there is considerable correspondence in the course of which they have made a claim that after devaluation of the rupee there should be a change in the rate of exchange	 Though there is no specific letter in the file agreeing to the enhancement I find that in the later invoices demand has been made subject to the claim for enhanced rate of exchange. In view of this I consider that from 30	11	1966 Rupee portion should be Converted at FF 1 = Rs. 1.5178 or FF 100= Rs. 1.517.80. Of course this rate of exchange would apply to both the parties	 Farasol and the O.N.G.C. ' 'As stated earlier this has been worked out only upto 30.6.1974 and in accordance with the directions contained in this award interest shall be calculated on the principal amount right upto 21.12.1974 on the entire amount of principal and the entire sum of principal and interest would thereafter carry interest at 6% per annum	 as stated in the other portion of the award." (The emphasis has been supplied by us.) Article XI 1.1 of the said contract referred to in the said Erratum provided as follow: "XI 1.1.1 On the basis of the figures arrived at in Articles IX 2.1 and IX 2.2 above and in accordance with the condition laid down in Article IX 3.1 above	 the total 547 of FORASOL 's operational and standby fees	 equipment charges and transportation charges payable in Indian Rupees under this contract	 is estimated to be FF 1	495	 216	 Following signature of this contract	 ONGC shall pay to FORASOL	 as an advance	 10a/c of this amount i.e. FF 149	522 in Indian Rupees using a conversion rate of FF 1.033 = Rs. 1.000. " In order to reach the conclusion which it did	 the Division Bench of the Delhi High Court relied upon that portion of the said Erratum where the Umpire has stated that Forasol has put forward before him a claim for "enhanced rate of interest"	 overlooking the other portions of the said Erratum	 particularly the portion emphasized by us in the above extract as also the fact that by the said Erratum certain portions of the said award were deleted and substituted by fresh paragraphs. On a perusal of the above extract from the said Erratum	 it is obvious that the claim made by Forasol was not for an enhanced rate of interest but for an enhanced rate of exchange by reason of the devaluation of the rupee. This is made clear by the rest of the very same sentence in the said Erratum in which this claim made by Forasol was referred to	 namely	 "and their claim is that this should be Rs. 1.5178 for every FF or Rs. 1.5178 for every FF 1	000	 If the claim of Forasol was for an enhanced rate of interest, the claim would have been that interest should be payable to it not at the contract rate of five per cent per annum but at a higher rate and not that a higher rate of exchange should be provided. The very next sentence which also we have emphasized clarifies that in the correspondence which took place between the parties, Forasol had made a claim that after devaluation of the rupee there should be a change in the rate of exchange. Obviously, this change would be with respect to the rupee payment to be made to Forasol. The very direction of the Umpire in this behalf makes it clear that he was not dealing only with the rate of interest for by the said direction, which too we have emphasized in the above extract, the Umpire awarded that from November 30, 1966, Rupee portion should be converted at FF 1 = Rs. 1.5178 or FF 1	000 = Rs. 1	5178" and he further awarded that "this rate of exchange would apply to both the parties	 Forasol and the O.N.G.C." The question of the enhanced rate of exchange applying to both the parties would not arise if the enhanced rate of exchange was with respect only to the interest payable to Forasol. 548 We are fortified in the conclusion we have reached by the fact that so far as the adjustment of claim of ONGC with respect to income tax paid by it was concerned	 the Umpire by the said Erratum expressly deleted from the said award the portion in which such adjustment was made at the contract rate of FF 1.033 equal to Re. 1	000 and substituted it by fresh paragraphs. Under the said Erratum these amounts were directed to be adjusted from November 30	 1966 at the enhanced rate of exchange provided in the said Erratum as all these amounts were paid by ONGC after the said date. Another fact which fortifies this conclusion is that by the last paragraph of the portion of the said Erratum extracted above	 in addition to an enhanced rate of exchange	 the Umpire has also awarded a higher rate of interest	 namely	 six per cent	 on the entire sum of principal and interest from December 22	 1974. The Division Bench of the Delhi High Court was	 the in error in holding that the enhanced rate of exchange specified in the said award applied only to the amount of interest payable to Forasol. For the reasons stated above we find that this enhanced rate of exchange applied to the payments in Indian rupees under Article IX 3.1 of the said contract to be made by ONGC to Forasol from and after November 30	1966. The question which now remains to be considered in Forasol 's appeal is the date to be selected by the Court for converting into Indian rupees the French Franc part of the said award in respect of which no rate of exchange has been fixed either by the said contract or the said award. In an action to recover an amount payable in a foreign currency	 five dates compete for selection by the Court as the proper date for fixing the rate of exchange at which the foreign currency amount has to be converted into the currency of the country in which the action has been commenced and decided. These dates are: (1) the date when the amount become due and payable; (2) the date of the commencement of the action; 549 (3) the date of the decree; (4) the date when the court orders execution to issue; and (5) the date when the decretal amount is paid or realized. In a case where a decree has been passed by the court in terms of an award made in a foreign currency a sixth date also enters the competition	 namely	 the date of the award. The case before us is one in which a decree in terms of such an award has been passed by the court. The said award directed certain payments to be made in a foreign currency	 namely	 French Francs	 and did not specify the rate of exchange at which the French Francs were to be converted into Indian rupees and the decree which was passed by the Delhi High Court was in terms of the said award simpliciter without fixing any date for conversion of the French Francs into Indian rupees. As mentioned earlier	 neither party filed any objection to the said award or to the passing of the said decree in the terms in which it was passed. The question whether an arbitrator or umpire can make an award in a foreign currency is	 therefore	 not directly in issue before us nor the question whether a court can simpliciter pass a decree in terms of such an award without specifying the rate of exchange at which the foreign currency amount will have to be converted into Indian rupees. Though at the first blush these questions do not appear to arise for our determination	 they are inextricably linked with the question which we have to decide and we will	 therefore	 have to address ourselves to them in due course. The question which one out of the dates mentioned above is the proper date to be selected by the court does not appear to have been decided in this country	 and no authority of any Indian court on this point has been brought to our notice. The question	 however	 has formed the subject matter of decisions in England and both the learned Single Judge as also the Division Bench of the Delhi High Court have referred to the decision of the House of Lords in Miliangos vs George Frank (Textiles) Ltd.(1) and other English cases. They have however	 reached differing conclusions	 the learned Single Judge holding that the conversion of French Francs into Indian 550 rupees should be made at the rate of exchange prevailing on the date of the said decree and the Division Bench holding that such conversion should be at the rate of exchange prevailing at the date of the said award. It will be convenient	 therefore	 to turn now to the English decisions on the point to ascertain whether we can find some guidance from them in arriving at our conclusion. The judicial view on this point in England has undergone a radical change and it will not be out of place to ascertain the earlier view which the courts in England took and the view which now prevails with them and to take a brief survey of how this change in view came about. In Tomkinson and another vs first Pennsylvania Banking & Trust Co.(1) (better known as the Havana case) on appeal from the decision of the Court of Appeal	 sub nom In re United Railways of Havana and Regla Warehouses Ltd.	(2) after reviewing the earlier authorities	 the House of Lords held that an English court cannot give judgment for payment of an amount in foreign currency	 and that for the purposes of litigation in England a debt expressed in a foreign currency must be converted into sterling with reference to the rate of exchange prevailing on the date when the debt was payable. Lord Denning	 who was then a member of the House of Lords	 delivered a concurring judgment in which he pointed out that the origin of this rule was that sterling was for a long time regarded as a stable currency	 the constant unit of value by which	 in the eye of the law	 everything else was measured	 and that so long as sterling was regarded as stable while other currencies fluctuated	 justice was best done by taking the rate of exchange at the date of the breach; the creditor being entitled to be put into as good a position as if the debtor had done his duty and paid the debt on the due date and the creditor was only truly put into such a position if the debt was converted into sterling at that date. At the same time Lord Denning also posed a question whether the rule was still to be applied when sterling had lost the value which it once had by reason of the devaluation of the pound. He however	 came to the conclusion that though such a rule was apt to produce an injustice to a foreign creditor who was owed money in the currency of his own country if he chose to sue in English courts instead of his own	 he must put up with the consequences. The rule affirmed in the Havana case is known as the "breach date rule". 551 The next decision which requires to be noticed is that of the Court of Appeal in Jugoslavenska Oceanska Plovibdo vs Castle Investment Co. Inc.(1) As this authority was relied upon by the Division Bench of the Delhi High Court in order to arrive at its decision on this part of the case and as it formed the sheet anchor of the submission made on behalf of ONGC that the proper date of conversion should be the date of the award	 it is necessary to examine what was decided in this case in some detail. In that case	 the plaintiffs were awarded a sum expressed in United States dollars in an arbitration held in London. The defendants having failed to pay the sum awarded	 the plaintiffs sought leave of the court under section 26 of the Arbitration Act	 1950	 of England to enforce the award. In support of their application the plaintiffs filed an affidavit showing the rate of exchange prevailing at the date of the award and the amount of the award in pound sterling and claimed the amount due under the award on the said basis. The questions which fell for determination were whether an award expressed in a currency other than sterling was valid and lawful and	 if so whether it was enforceable under the said section 26. The Master dismissed the application and the order of dismissal was affirmed by Kerr J. On appeal	 the court of Appeal held that the award was valid and leave should be granted to enforce it	 On the question whether English arbitrators have jurisdiction to make an award for payment in a foreign currency	 the Court held that in a proper case they could do so and that in the case before them since the money of account and the money of payment under the charter party out of which the disputes between the parties arose were expressed in United States dollars the arbitrators were entitled to make their award in the same currency. It was further held that leave should be granted to enforce an award expressed in a foreign currency provided the applicant had filed an affidavit showing the rate of exchange prevailing at the date of the award and giving the amount of the award converted into sterling. When that case fell to be decided Lord Denning was a member of the Court of Appeal	 having accepted appointment as Master of the Rolls. In the course of his judgment in that case	 Lord Denning M.R. said (at pages 501 2): "The reason why some people have thought that an award by English arbitrators must be in sterling is because they have regarded it as equivalent to a judgment by an 552 English judge which must be in sterling. But there is this difference. When commercial men are in dispute and go to arbitration	 they wish to have the dispute resolved. They want a decision one way or the other. Once given	 they abide by it	 The losing party pays up. There is rarely any need to call in the sheriff or his officer to enforce the award. So it is perfectly fair	 as between them	 for the arbitrator to make his award in the currency which is appropriate to their dealings. But	 when a plaintiff goes to a court of law	 it is	 as often as not	 because the defendant cannot pay or will not pay	 The plaintiff wants to get judgment against him and	 if need be	 levy execution on his effects. This is so much in the mind of the courts that they have ruled that they will give judgment only in sterling. That is the one currency which is known to the court and to the sheriffs and their officers. I venture to suggest that this view of the courts should be open for reconsideration. If the money payable under a contract is payable in a foreign currency	 it ought to be possible for an English court to order specific performance of it in that foreign currency; and then let the exchange be made into sterling when it comes to be enforced. I know that this is not yet the law. There is high authority against it: see Re United Railways of Havana and Regla Workhouses Ltd. But the House of Lords have since then held that specific performance can be	 ordered of a contract to make a money payment: see Beswlck vs Beswick.(1) This may point the way to a relaxation of the old rule and enable the courts	 in proper circumstances	 to order payment into a foreign currency	 such as is suggested by Dr. Mann in his book.(2) At any rate	 there is no reason why the rule about judgments of the courts should be extended to awards by arbitrators	 I think we should hold that arbitrators have jurisdiction to make an award in a foreign currency whenever that is the proper currency in which payments under the contract should be made. 553 "The next question is the manner of enforcing such an award. It would	 no doubt	 be possible to bring an action on the award and seek a judgment from the courts in sterling. In that case the rate of exchange would be taken at the date of the award. But another way is to seek the leave of the court under section 26 of the Arbitration Act 1950 which says: 'An award on an arbitration agreement may	 by leave of the High Court or a judge thereof	 be enforced in the same manner as a judgment or order to the same effect	 and where leave is so given	 judgment may be entered in terms of the award. "If the words 'to the same effect ' are read as meaning 'in the same terms '	 there would be some difficulty in applying this section to an award in a foreign currency	 But I do not think they mean 'in the same terms They only mean that the judgment or order must have 'the same effect '. If the sum awarded is converted into sterling at the rate of exchange at the date of the award	 it does have the same effect. The proper course is for the applicant to file an affidavit showing the rate of exchange at the date of the award and giving also the amount of the award converted into sterling. Then leave will be given to enforce payment of that sum	 (The emphasis has been supplied by us.) It may be mentioned that the defendants did not appear at any stage of the proceedings and were not represented and there was no appeal to the House of Lords from this judgment. Whether we should accept the decision in the Jugoslavenska case as laying down the correct rule to be applied so far as courts in this country are concerned is a matter which we will discuss after completing our survey of English authorities. The question again arose before the Court of Appeal in Schorsch Meier G.m.b.H. vs Hennin. That was not a case of an arbitration but it was an action by a German company against an 554 English firm in an English court for the price of goods in German deutschmarks in which currency the contract stipulated that payment of the price should be made. The action was commenced by the plaintiffs in the West London County Court for the sum of DM 3,756.03 being the amount of the price of goods sold and delivered. Under the contract, the money of account and the money of payment were both German deutschmarks. At the time when the sum had become due the rate of exchange was $ 1 equal to DM 8.30. At that rate the sterling equivalent of DM 3,756.03 was $ 452 sterling. Some time later sterling was devalued. As a result $ 1 sterling was only worth DM 5.85 and consequently the value of $ 452 had fallen to DM 2,664. If the rule in the Havana case applied the plaintiffs would have got judgment for $ 452 which would have meant only a sum of DM 2,664. whereas if they were able to claim and get judgment in deutschmarks the sterling equivalent of DM 3756.03 would be $ 641. In other words, by getting judgment in sterling, the plaintiffs would lose one third of the money due to them; whereas by getting it in deutschmarks they would recover the full amount. The plaintiffs declined to give any evidence with reference to the rate of exchange but asked for judgment only in deutschmarks as the Federal Republic of Germany was a member of the European Economic Community, They did so by relying upon article 106 of the Treaty of Rome which by section 2(1) of the European Communities Act, 1972, had been made part of the law of England. The County Court judge held that the said article 106 had no bearing on the rule of common law and that he could give judgment only in sterling and accordingly dismissed the action. The plaintiffs filed an appeal. In this case too the defendant did not appear and was not represented before the Court of Appeal. The appeal was allowed. With reference to the English law on the subject, apart from the Treaty of Rome, Lord Denning M.R., the afther referring to the rule in the Havana case, held that the reasons for the rule had ceased to exist and, therefore, the court was at liberty to discard the rule itself on the principle, cessante ratione legis cessat ipsa lex" He further said (at pages 156 7): "Only last year we refused to apply the rule to arbitrations. We held that English arbitrators have jurisdiction to make their awards in a foreign currency	 when that currency of the contract: see jugoslavenska Oceanska plovibda vs Castle Investment Co. Inc. The time has now come when we should say that when the currency of a contract is a foreign currency that is to say	 when 555 the money of account and the money of payment is a foreign currency the English courts have power to give judgment in that foreign currency	 they can make an order in the form: 'It is adjudged this day that the defendant do pay to the plaintiff ' so much in foreign currency (being the currency of the contract) ' or the sterling equivalent at the time of payment '. If the defendant does not honour the judgment	 the plaintiff can apply for leave to enforce it. He should file an affidavit showing the rate of exchange at the date of the application and give the amount of the debt converted into sterling at that date. Then leave will be given to enforce payment of that sum. (The emphasis has been supplied by us.) So far as the Treaty of Rome was concerned	 the Court held that the purpose of the said article 106 was to ensure that the creditor in one member State should receive payment for his goods in his own currency if it was the currency of the contract without any impediment or restriction by reason of changes in the rate of exchange. With respect to the form of the judgment	 Lord Denning	 with whom Foster J. concurred	 held that he would "adjudge that the debtor do pay to the plaintiff DM 3	756.03 or the sterling equivalent at the time of payment" meaning thereby	 as Lord Wilberforce pointed out in the Miliangos case (at page 468)	 the date when the court authorizes enforcement of the judgment in terms of sterling. Lawton L.J.	 the third member of the court	 on the other hand	 was of the opinion that the judgment should be in the from in which the plaintiffs had asked for it	 namely	 in deutschmarks and the plaintiffs must be left to extricate themselves from the intricacies of the law relating to execution and exchange control. There was no appeal to the House of Lords against this judgment of the Court of Appeal. We now come to the case of Miliangos vs George Frank (Textiles) Ltd. How that case reached the House of Lords makes interesting reading by itself. Prior to the judgment being delivered in the Schorsch Meier case	 Miliangos	 a Swiss	 brought an action against George Frank (Textiles) Ltd.	 an English company	 claiming the sum of Swiss Francs 415	 522.45 due to him for the price of polyester yarn sold and dilivered to the English company under a written contract. The claim of the Swiss plaintiff was based upon invoices sent to the English company and accepted by that company 556 and alternatively on two bills of exchange drawn in Switzerland by the plaintiff and accepted by the defendants but which had been dishonoured on presentation on their respective due dates. This alternative claim was for the amounts of the said bills of exchange	 namely	 Swiss Francs 273	619.45 and Swiss Francs 27	394 respectively	 and the cost of protesting the bills and interest. The plaintiff apparently had been advised about the position in English law and had accordingly claimed judgment in sterling as at the breach date. The defendants claimed that the plaintiff had committed a breach of contract inasmuch as a part of the yarn dilivered to them was unifit for the purpose and filed a counter claim for damages. Thereafter	 the plaintiff filed a second suit on another contract in which the claim was on the same alternative counts. Both the actions were consolidated and set down for hearing	 but before they reached hearing by their letter dated November 22	 1974	 the defendants abandoned their defence and counter claim and stated that they would submit to judgment. Four days later	 on November 26	 1974	 the Court of Appeal delivered judgment in the Schorsch Meirer case. Thereupon the plaintiff amended the statement of claim in the first action and claimed the amount due in Swiss Francs as an alternative to the claim in sterling. Bristow J. held that the Schorsch Meirer case so far as it related to countries which were not members of the European Economic Community was obiter and had been decided per incuriam in that only one party had been represented and all the relevant authorities had not been cited. He further held that the decision in that case was inconsistent with what the House of Lords had held in the Havana case and accordingly he gave judgment for the sum claimed in sterling. The plaintiff went in appeal (Miliangos vs George Frank (Textiles) Ltd. The Court of Appeal held that the Schorsch Meier case was not decided per incuriam and was binding upon the trial court and gave judgment for the plaintiff in Swiss Francs. The English company went in appeal to the House of Lords. We are not concerned with what was said in that case with respect to whether the Schorsch Meier case was decided per incuriam or not and whether an English court could depart from the rule in the Havana case. Suffice it to say that the House of Lords by a majority (Lords Simon of Glaisdale dissenting) held that it was legitimate for the House of the Lords to depart from the "breach date conversion" rule and recognize that an English court was entitled to give judgment for a sum of money expressed in a foreign 557 currency in the case of obligations of a money character to pay foreign currency under a contract	 the proper law of which was that of a foreign country	 and when the money of account was that of that country or possibly of some country other than the United Kingdom. The House of Lords further held that the instability which had overtaken the pound sterling and other major currencies since its earlier decision in the Havana case as well as the procedures evolved in consequence thereof by the English courts and by arbitrators in the City of London to secure payment of foreign currency debts in foreign currency	 justified departure from that decision in terms of the Practice Statement (Judicial Precedent) (under which the House affirmed its power to depart from a previous decision when it appeared right to do so	 recognizing that too rigid an adherence to precedent might lead to injustice in a particular case and unduly restrict the development of the law) since a new and more satisfactory rule could be stated to enable the courts to keep step with commercial needs and would not involve undue practical and procedural difficulties. We are concerned here with what was said in that case with respect to the date to be taken for converting foreign currency into English currency. Lord Wilberforce held (at pages 468 9) that the claim should be made specifically for the foreign currency and to this might be added the alternative "or the sterling equivalent at the date of. ." and that as regards the conversion date to be inserted in the claim or in the judgment of the court	 though the date of judgment was a workable date	 he would favour the date of payment meaning thereby the date when the court authorizes enforcement of the judgment in terms of sterling	 because in some cases	 particularly where there was an appeal	 the date of judgment might impose upon the creditor a considerable currency risk	 Lord Wilberforce further observed (at page 469): In the case of arbitration	 there may be a minor discrepancy	 if the practice which is apparently adopted (see the Jugoslavenska case 	 305) remains as it is	 but I can see no reason why	 if desired	 that practice should not be adjusted so as to enable conversion to be made as at the date when leave to enforce in sterling is given." (The emphasis has been supplied by us.) 558 Lord Cross of Chelsea pointed out (at pages 497 8) that it would be absurd to have one rule with regard to arbitrations on debts expressed in a foreign currency and another with regard to actions on similar debts and that in a case where the defendant failed to deliver foreign currency for the payment of which the judgment was given	 the date for its conversion into sterling should be the date when the plaintiff was given leave to levy execution for a sum expressed in sterling. Lord Edmund Davies	 referring to the Jugoslavenska case	 said (at page 501) that being governed by section 26 and sub section (1) of section 36 (which deals with enforcement of foreign awards) of the Arbitration Act	 1950	 the award of American dollars in that case of necessity had to be converted into sterling at the rate of exchange prevailing on the date when the award was made and that but for that fact	 the most just rate would be that prevailing when the award was being enforced	 for the plaintiff had been kept out of his money until then and there was no reason why this latter rate should not be the one adopted when judgments expressed in a foreign currency are being enforced. According to Lord Edmund Davies	 Miliangos should have been given judgment mutatis mutandis in the form approved of by Lord Denning M.R. in Schorsch Meier case	 namely	 that "it is this day adjudged that the defendant do pay to the plaintiff 416	144.20 Swiss francs or the sterling equivalent at the time of payment"	 which would mean	 as pointed out by Lord. Wilbeforce (at page 368)	 the date when the court authorizes enforcement of the judgment in terms of sterling	 Lord Fracer of Tullybelton opined (at page 502) that to take the date of the commencement of the action might result in consequences as unjust as taking the breach date because between the commencement of an action a period of a year or more might easily elapse	 allowing for appeals	 before payment was made and that the date of judgment would be better but there seemed no reason why the latest practicable date	 namely	 the date when the court authorizes the enforcement of the judgment should not be taken. Lord Simon of Glaisdale held in his dissenting judgment that there was no reason for departing from the rule laid down in the Havana case and that this should only be done by Parliament on executive or expert advice. With reference to the Jugoslavenska case Lord Simon observed (at page 489): "If the sterling judgment rule and the breach date rule were to be reconsidered by a properly qualified body	 no doubt the Jugoslavenska case would come within its purview. " 559 The principle laid down by the House of Lords in the Miliangos case was extended by it to include a claim based on damages for torts and for breaches of contract in its decision in Owners of M.V. Eleftherotria vs The Owners of M.V. Despina R The Despina R and Services Europe Atlantique Sud (Seas) of Paris vs Stockholms Rederiahtiebolag Svea of Stockholm	 better known as The Despina R	 in two appeals heard one after the other and disposed of by a common judgment. The first appeal arose out of a collision between two Greek ships	 the Despina R and the Eleftherotria in which the latter was damaged. The Eleftherotria was owned by a Liberian company which had its head office in Piracus. The managing agents had their principal place of business in New York and the bank account used for moneys received and payments made on behalf of the owners was a U.S. dollar account in New York. An agreement was reached under the terms of which the owners of the Despina R were to pay to the owners of the Eleftherotria 85 per cent or the loss and damage suffered as a result of the collision. The expenses of repair had been incurred in various currencies. The question whether the damages were to be paid in sterling or some other currency was referred to the Admiralty judge. Brandon J. held that he had jurisdiction to award damages in a foreign currency	 but that he was bound by authority to award them in the currency of expenditure. The Court of Appeal	 dismissing an appeal by the owners of the Despina R and allowing a cross appeal	 held that here was jurisdiction to award damages in tort in sterling or in a foreign currency	 and that	 in the circumstances of the case	 the appropriate currency was the plaintiffs ' currency rather than the currency of the expenditure. The second appeal was in respect of a cargo of onions shipped to Brazil by the French charterers of a Swedish owned motor vessel	 the Folias. The cargo arrived damaged	 and the cargo receivers ' claim for damages was settled by the charterers in Brazilian cruzeiros	 which they purchased with French Francs	 their normal business currency. The hire under the charter party was payable in U.S. dollars and the proper law of the contract was English law. In arbitration proceedings the owners admitted their liability to the charterers	 but contended that payment should be made in cruzeiros. By then the 560 value of the cruzeiro against the French Francs was half what it had been when the charterers had paid the cargo receivers. The arbitrators made their award in French Francs	 On a special case stated Robert Goff J. held that the award should have been made in cruzeiros as being the currency of the loss. On appeal by the charterers the Court of Appeal restored the award of the arbitrators. The owners of the Despina R as also the Swedish ship owners went in appeal to the House of Lords. Both the appeals were dismissed. The House held that in a claim based on tort	 it was fairer to give judgment in the currency in which the loss was sustained than in the sterling equivalent at the date of the breach or loss; that the principles to be applied in ascertaining the currency of the loss were those of restitution in integrum and reasonable foreseeability and	 therefore	 where a plaintiff proved that he conducted his business in a specific currency and it was reasonably foreseeable that he would the that currency to purchase the necessary currency to meet the immediate and direct expenditure caused by the defendant 's tort	 then judgment should be expressed in the plaintiff 's currency and	 accordingly	 the Court of Appeal had properly varied the order from a judgment expressed in the currencies of expenditure to the currency of the business conducted on behalf of the owners of the Eleftherotria	 namely	 U.S. dollars. The following passage from the opinion of Lord Wilberforce (at pages 696 7) is instructive: "I do not think that there can now be any doubt that given the ability of an English court (and of arbitrators sitting in this country) to give judgment or make an award in a foreign currency	 to give a judgment in the currency in which the loss was sustained produces a juster result than one which fixes the plaintiff with a sum in sterling taken at the date of the breach or of the loss. " It was further held that where the terms of a contract governed by English law did not expressly or by implication show that the parties had intended that payments arising from a breach of contract were to be paid in the currency of account or other named currency	 the court should give judgment in the currency that best expressed the party 's loss; that	 although the appeal in the second case concerned a charterparty which expressly stated that certain contractual payments should be made in U.S. dollars	 the terms of the charterparty did not show that payment for damage arising out of a breach of contract 561 was to be made in that currency; that	 arising from the owners	 breach the charterers had used French Francs to purchase the necessary cruzeiros to settle the receivers ' claim and	 in those circumstances	 the Court of Appeal had correctly affirmed the arbitrators ' decision that the currency that best expressed the charterers ' loss was the currency of their business	 namely	 French Francs. With respect to the arbitrators jurisdiction to make an award in a foreign currency	 Lord Wilberforce said (at pages 702 3); "In my opinion a decision in what currency the loss was borne or felt can be expressed as equivalent to finding which currency sum appropriately or justly reflects the recoverable loss. This is essentially a matter for arbitrators to determine. A rule that arbitrators may make their award in the currency best suited to achieve an appropriate and just result should be a flexible rule in which account must be taken of the circumstances in which the loss arose	 in which the loss was converted into a money sum	 and in which it was felt by the plaintiff. In some cases the 'immediate loss ' currency may be appropriate	 in others the currency in which it was borne by the plaintiff. There will be still others in which the appropriate currency is the currency of the contract. Awards of arbitrators based upon their appreciation of the circumstances in which the foreign currency came to be provided should not be set aside for	 as such	 they involve no error of law. " It will also be useful to refer at this stage to certain Practice Directions given	 following upon the Miliangos case	 with respect to claims and judgments in foreign currency and enforcement of such judgments. The Miliangos case was decided on November 5	1975	 and the Practice Directions in question were issued by the Senior Master of the Supreme Court of judicature (Queen 's Bench Division) on December 18	1975	 with the concurrence of the Chief Chancery Master acting on the authority of the Vice Chancellor so far as they applied to the practice in the Chancery Division	 and of the Senior Registrar of the Family Division. so far as they applied to the practice in that Division. As pointed out in Halsbury 's Laws of England	 4th 562 ed.	 vol. 37	 para. 12	 practice directions "provide directions as to matters of practice and procedure for the assistance and guidance of litigants in the conduct of their proceedings	 and in the administration of civil justice generally	 and	 although they lack the force of law they are of enormous value	 to the courts	 to practitioners and to all who are involved in the civil judicial process". Under the Practice Directions dated December 18	1975	 mentioned above	 before a writ of summons is issued in which the plaintiff makes a claim for a debt or a liquidated demand expressed in a foreign currency	 the writ must be endorsed with a certificate signed by or on behalf of the solicitor of the plaintiff or by the plaintiff	 if he is acting in person	 certifying the rate current in London for the purchase of the unit of the foreign currency claimed at the close of business on the date next or most nearly preceding the date of the issue of the writ and stating whether at that rate of exchange the debt or liquidated demand claimed in the writ amounts to "$. or exceeds $ 650 (as the case may be)"	 This certificate is required for the purpose of ascertaining the proper amount of the costs to be endorsed on the writ. The judgment which would be entered in respect of such a claim would show that it has been adjudged that the defendant do pay the plaintiff the sum in foreign currency for which the court has ordered judgment to be entered or its sterling equivalent at the time of payment. Where a defendant desires to pay into court a sum of money in satisfaction of the claim in foreign currency he may do so subject to the requirements of the Exchange Control Act	 1947. Where	 however	 a plaintiff desires to enforce a judgment expressed in a foreign currency by the issue of the writ of fieri facias	 the praecipe for the issue of the writ must first be endorsed and signed by or on behalf of the solicitor of the plaintiff or by the plaintiff	 if he is acting in person	 with a certificate certifying the rate of exchange current in London for the purpose of the unit of the foreign currency in which the judgment is expressed	 at the close of the business on the date nearest or most nearly preceding the date of the issue of the writ and mentioning what the amount in pound sterling at that rate would be. The amount so certified will then be entered in the writ of fi.fa. A similar certificate is required where the plaintiff desires to enforce a judgment debt expressed in a foreign currency by adopting garnishee proceedings or other modes of execution. The above survey shows the position in English law to be as follows: 563 (1) Until recently the rule that was firmly established was that an English court could give judgment only in English currency and that for the purposes of litigation in England to recover a debt expressed in a foreign currency	 such debt had to be converted into sterling with reference to the rate of exchange prevailing on the date when the debt was payable. This rule was affirmed by the House of Lords in the Havana case. (2) The reason for this rule was that sterling was regarded as a stable currency and a constant unit of value; and that by taking the rate of exchange at the date of the breach	 the creditor was being put into as good a position as if the debtor had done his duty and paid the debt on the due date. (3) After sterling ceased to be a stable currency and became subject to fluctuations in the international monetary market a new line of thinking began to emerge	 particularly in commercial arbitrations where foreign currencies were involved	 and the arbitrators in the City of London started making awards expressed in foreign currency. (4) This new trend found judicial recognition in the Jugoslavenska case in which the Court of Appeal held that arbitrators in England had jurisdiction to make an award in a foreign currency in a case in which the money payable under a contract is payable in a foreign currency. The Court of Appeal further held that section 26	 now section 26(1)	 of the English Arbitration Act	 1950	 should be construed having regard to section 36(1) of that Act	 which deals with enforcement of foreign awards	 and that the words "to the same effect" in the expression "an award. may. be enforced in the same manner as a judgment or order to the same effect" in section 26(1) did not mean a judgment or order "in the same terms" but meant a judgment or order having "the same effect" this would be achieved if the sum awarded were 564 converted into sterling at the rate of exchange prevailing on the date of the award	 and that leave to enforce an award expressed in a foreign currency should be given by the court provided the applicant had filed an affidavit showing the rate of exchange as at the date of the award and giving the amount of the award converted into sterling. (5) In the Jugoslavenska case	 the Court of Appeal took the date of the award as the date of conversion by reason of the interpretation placed by it upon the words "to the same effect" in section 26(1) of the Arbitration Act	 1950	 because an award could for the purpose of enforcement have the same effect as a judgment in an action on the award only if the date of the award were taken as the date of conversion as	 by reason of the decision in the Havana case	 which was then the law	 in such an action the date of conversion would have to be the due date of payment which	 the debt being crystallized by the award	 would be the date of the award	 and the judgment	 therefore	 in such an action would have to be given on that basis. (6) The development in law was carried yet one step further in the Schorsch Meier case where in an action for the price of goods	 the plaintiff being a member of the European Economic Community	 the Court of Appeal held that the court could give judgment to the creditor in a foreign currency if that was the currency of the contract	 that is to say	 if the money of account and the money of payment is foreign currency. The court also held that the date of conversion should be the date of payment meaning thereby as Lord Wilberforce pointed out in the Miliangos case (at page 468)	 the date when the court authorizes enforcement of the judgment in terms of sterling. (7) The Schorsch Meier case was not decided purely upon Article 106 of the Treaty of Rome which by section 2(1) of the European Communities Act	 1972	 had 565 been made part of the law of England	 but it was also decided upon the general principle that the reasons for the rule in the Havana case having ceased to exist	 the court was at liberty to discard the rule itself. Thus	 what the Schorsch Meier case decided was directly contrary to the decision of the House of Lords in the Havana case. (8) Both the Jugoslavenska case and the Schorsch Meier case were decided without the other side being represented. From this it does not follow that the judgments delivered in those cases were not folly considered judgments. The leading judgment in each of these two cases was that Lord Denning M.R. who at the date when the Havana case was decided was a member of the House of Lords. In his concurring opinion in the Havana case he had already expressed a doubt and posed a query whether the "breach date" rule should continue to be applied when sterling had lost the value it once had by reason of the devaluation of the pound. (9) The question again fell for consideration by the House of Lords in the Miliangos case. In that case	 the House of Lords departed from the rule in the Havana case	 namely	 "the breach date conversion" rule and recognized that an English court could give judgment in a foreign currency in a case where under a contract the money was to be paid in that currency if the proper law of the contract was that of a foreign country and the money of account was of that country. So far as the date of conversion was concerned	 all the Law Lords	 except Lord Simon of Glaisdale	 were of the opinion that it should be the date when the court authorizes the enforcement of the judgment in terms of sterling. (10) Though the Jugoslavenska case was not expressly overruled in the Miliangos case	 in all the opinions delivered in that case except in the opinion of Lord Frasser of Tullybelton where no reference is made to that case	 it was doubted whether in the future the 566 rule in the Jugoslavenska case should or would hold the field. Lord Wilberforce opined that he saw no reason why	 if desired	 the practice adopted in that case should not be adjusted so as to enable coversion to be made at the date when leave to enforce the award in sterling is given. Lord Cross of Chelsea thought it absurd that there should be one rule for arbitrations with respect to debts expressed in a foreign currency and another rule with respect to actions on similar debts. Lord Edmund Davis said that in the Jugoslvenska case the rate of exchange prevailing on the date of the award had to be adopted by the court because of the provisions of sections 26 and 36(1) of the English Arbitration Act and that but for such provisions the most just rate would be that prevailing when the award was being enforced. Even Lord Simon of Glaisdale in his dissenting opinion expressed the view that if Parliament were to reconsider the sterling judgment rule and the breach date rule	 the rule in the Jugoslavenska case would come within the purview of such reconsideration. (11) The principle laid down in the Millangos case was extended by the House of Lords in the case of The Despina R to actions in tort and for damages for breach of contract on the ground that it was fairer to give judgment in the currency in which the loss was sustained than in its sterling equivalent at the date of the breach or loss	 the principles to be applied in ascertaining the currency of the loss being those of restitutio in integrum and reasonable foreseeability of the plaintiff using a particular foreign currency to purchase the necessary currency to meet the immediate and direct expenditure caused by the defendant 's tort or breach of contract. It was further held that in the case of arbitrations it was for the arbitrators to determine in what currency the loss was borne or felt and that the rule that arbitrators may make their award in the currency best suited to achieve an appropriate and just result should be a flexible rule in which regard should be had to the 567 circumstances in which the loss arose	 in which the loss was converted into a money sum	 and in which it was felt by the plaintiff. (12) So far as practice and procedure is concerned	 under the Practice Directions dated December 18	 1975	 for the purpose of ascertaining the proper amount of the costs to be endorsed on the writ of summons the plaintiff 's solicitor or the plaintiff	 if he is acting in person	 is to certify the rate of exchange current in London at the close of the business on the date next or most nearly preceding the date of the issue of the writ and to mention the sterling equivalent at the rate of the sum in foreign currency claimed in the action. The judgment is to be entered for the sum in foreign currency adjudged by the court to be payable by the defendant to the plaintiff or its sterling equivalent at the time of payment. None the less if a judgment is to be enforced by execution	 the application for execution is to state the rate of exchange current in London on the date nearest or most nearly preceding the date when the application is made. We have spent some time in ascertaining the English law on the subject by reason of the absence of any authority of any Indian court on this point and because the learned Single Judge has based his decision on the Miliangos case while the Division Bench of the Delhi High Court has based its on the Jugoslavenska case. Further	 the English decisions referred to by us are of courts of a country from which we have derived our jurisprudence and a large part of our laws and in which the judgments were dilivered by judges held in high repute. Undoubtedly	 none of these decisions are binding upon this Court but they are authorities of high persuasive value to which we may legitimately turn for assistance. Whether the rule laid down in any of these cases can be applied by our courts must	 however	 be judged in the context of our own law and legal procedure and the practical realities of litigation in our country. When a foreigner has to receive a sum of money which should justly be payable to him in a foreign currency and	 because of the default of the paying party	 seeks to recover its payment through the court	 the first question which arises is whether a court in India would have 568 jurisdiction to pass a decree for a sum expressed in a foreign currency. Though on principle there is no reason why a court should not be able to do so no court can pass a decree directing a defendant to do an impossible or an illegal act and in view of the provisions of our Foreign Exchange Regulation Act	 1973	 and the restrictions contained therein on making payments in a foreign currency	 if a decree were to be passed Simpliciter for a sum expressed in a foreign currency	 it would be to direct the defendant to do an act which would be in violation of the Foreign Exchange Regulation Act	 1973. Such a decree can	 therefore	 only be passed by making the payment in foreign currency subject to the permission of the foreign exchange authorities being granted. If however	 the authorities do not grant permission for payment of the judgment debt in foreign currency	 it would not be possible for the defendant to make such payment	 resulting in the decree becoming infructuous and the plaintiff getting nothing under it. The view of Lawton L.J. in the Schorsch Meier case that the plaintiff should be given judgment in the form in which he asked for it and must be left to extricate himself from the intricacies of the law relating to execution and exchange control does not commend itself to us for it does not appear to us to be conducive to the ends of justice. The court must	 therefore	 provide for the eventuality of the foreign exchange authorities not granting the requisite permission or even if such permission is given	 the defendant not paying the decretal debt	 or not wanting to discharge the decree by making payment in foreign currency or in Indian rupees. This can only he done by the decree providing in the alternative for payment of a sum of money in Indian rupees	 which will be equivalent to the sum decreed in foreign currency. It is but just that a man	 who is in law entitled to receive a sum of money in a foreign currency	 should either receive it in such currency or should receive its equivalent in Indian rupees. It is here that the question of the date which the court should select for converting foreign currency into Indian rupees arises. The court must select a date which puts the plaintiff in the same position in which he would have been had the defendant discharged his obligation when he ought to have done	 bearing in mind that the rate of exchange is not a constant factor but fluctuates	 and very often violently fluctuates	 from time to time. With these considerations in mind	 we will now examine the feasibility of the several dates set out by us at the beginning of our discussion on this point. The first of the five dates listed earlier by us	 namely	 the date when the amount became due and payable	 does not have the effect 569 of putting the plaintiff in the same position in which he would have been had the defendant discharged his obligation when he should have done because between that date and the date when the suit is decreed the rate of exchange may have fluctuated to the plaintiff 's prejudice	 resulting in the amount decreed in rupees representing only a fraction of what he was entitled to receive. Equally	 the possibility of the plaintiff getting more than what he had bargained for in case the rate of exchange had fluctuated in his favour cannot be ruled out. To select	 as the English courts had done earlier	 the date when the amount became due or the "breach date"	 as the English courts have termed it	 is thus to expose the parties to the unforeseeable changes in the international monetary market. The selection of the "breach date" cannot	 therefore	 be said to be just	 fair or equitable because in a case where the rate of exchange has gone against the plaintiff	 the defendant escapes by paying a lesser sum than what he was bound to and thus is the gainer by his default while in the converse case where the rate of exchange has gone against the defendant	 the defendant would be subjected to a much greater burden than what he should be. The second of the dates mentioned above	 namely	 the date of the commencement of the action or suit	 is equally subject to the same criticism. This date was rejected in the Miliangos case because	 according to Lord Wilberforce (at page 469)	 it placed "the creditor too severely at the mercy of the debtor 's obstructive defences. or the law 's delay" In that case Lord Fraser of Tullybelton pointed out (at page 502) that if the date of the commencement of the action "were to be taken for conversion	 a period of a year or more might easily elapse. allowing for appeals	 before payment was made. " In our country	 it is the misfortune of litigants that by reason of ever increasing volume of litigation	 overcrowded court dockets and undermanned courts	 suits are often not disposed of for an unconscionably long time and if we take into account the time that would be spent in appeals	 further appeals	 and revision and review applications which may be filed	 the longevity of the litigation is doubled	 if not tripled	 so that none can with any certainty predict even a probable date for its termination. The selection of the date of the filing of the suit would	 therefore	 leave the parties in as uncertain and precarious a position as the selection of the date when the amount became payable or the "breach date". 570 We will now consider the feasibility of selecting the third date	 namely	 the date of the decree. A decree crystallizes the amount payable by the defendant to the plaintiff and it is the decree which entitles the judgment creditor to recover the judgment debt through the processes of law. An objection which can	 however	 be taken to selecting this date is that the decree of the trial court is not the final decree for there may be appeals or other proceedings against it in superior courts and by the time the matter is finally determined	 the rate of exchange prevailing on that date may be nowhere near that which prevailed at the date of the decree of the trial court. To select the date of the decree of the trial court as the conversion date would	 therefore	 be to adopt as unrealistic a standard as the 'breach date". This difficulty is	 however	 easily overcome by selecting the date when the action is finally disposed of	 in the sense that the decree becomes final and binding between the parties after all remedies against it are exhausted. This can be achieved by the court which hears the appeal providing that the date of its decree or other proceeding in which the decree is challenged would be the date for conversion of the foreign currency sum into Indian rupees in cases where the decree has not been executed in the meantime. The real objection to selecting this date	 however	 is that a money decree and the payment by the judgment debtor of the judgment debt under it are two vastly different matters widely separated by successive execution applications and objections thereto unless the judgment debtor chooses to pay up the judgment debt of his own accord which is generally not the case. In the vast majority of cases a money decree is required to be enforced by execution. Would the proper date of conversion then be the date when the court orders execution to issue ? This date appears to have found favour with all the Law Lords who decided the Miliongos case	 except Lord Simon of Glaisdale. We	 however	 find the selection of this date equally beset with difficulties. Execution of a decree is not a simple matter. In execution of a money decree	 first the judgment debtor 's property has to be attached. Pending attachment a third party	 at times set up by the judgment debtor	 may prefer a claim to the attached property. Such claim will have to be investigated and determined by the executing court. Even where no claim is preferred the attached property cannot be brought to sale immediately. A proclamation giving the prescribed particulars has to be first made. Even after such proclamation	 the property cannot be put up for sale until after the expiry of the period prescribed by O. 21 r. 68 of 571 the Code of Civil Procedure	 1908 (V of 1908)	 unless it is subject to speedy and natural decay or when the expense of keeping it in custody is likely to exceed its value. Even after the sale has taken place the judgment debtor may further hold up the receipt of the sale proceeds by the decree holder by raising objection to the conduct of the sale. Even otherwise	 at times	 a fresh auction sale may have to be held if the auction purchaser commits default in paying the balance of the purchase price. A considerable time would thus elapse between the date when the court orders execution to issue and the date of the receipt of the sale proceeds by the decree holder. This passage of time would as much expose the decree holder to the hazards of fluctuations in the rate of exchange as selection of any of the three dates we have discussed above. Yet another difficulty in selecting the date when the court orders execution to issue is that at times the judgment debt is not recovered in full when the attached property is sold in execution. This necessitates a second application in execution for attaching other properties of the judgment debtor and even the sale of these properties may not cover the deficit	 thus necessitating yet another execution application. They would lead to an anomalous position for the court would have to fix the rate of exchange for the entire decretal debt at the time of granting the first application for execution and then	 if the rate of exchange has varied in the meantime	 to fix a different rate of exchange for the unrealized balance of the decretal amount at the time of granting the second application for execution	 and equally so with respect to successive applications for execution. Thus	 with respect to portions of the same decretal debt different rates of exchange would come to be fixed at different times. A further difficulty in selecting the date of granting an execution application is that execution can only issue for a sum expressed in Indian currency. What is being is executed is the decree and the sum for which execution is to issue in a money decree must	 therefore	 be for the particular sum specified in the decree	 that is	 the judgment debt. It cannot be for a sum which would be determined and fixed by the executing court at the time of granting the execution application	 for under o.21 r. 11(2) (g) of the Code of Civil Procedure	 1908	 an application for execution has to state "the amount with interest (if any) due upon the decree". The above difficulties would rule out the taking of the date when the court grants an application for execution as the date of 572 conversion and would make inapplicable to our courts the rule laid down in the Miliangos case. As regards the selection by the court of the date of payment as the proper date of conversion	 that was the date taken in the Schorsch Meier case; but as Lord Wilberforce pointed out (at page 468) in the Miliangos case	 this only means the date when the court authorizes enforcement of the judgment in terms of sterling. As we have seen	 in England	 according to the Practice Directions dated December 18	 1975	 the form of the judgment to be entered requires the defendant to pay the sterling equivalent of the foreign currency sum adjudged at the time of payment. This would be the most logical date and one which does justice to a plaintiff who has come to court to recover a sum of money payable to him in a foreign currency. If the principle to be applied is that the plaintiff should be put in the same position in which he would have been had the defendant discharged his obligation on the due date	 then that principle is best served by the court taking the date of payment as the date of conversion. In adopting this date we	 however	 find ourselves faced with three practical and procedural difficulties	 namely	 payment of court fees	 the pecuniary limit of the jurisdiction of courts and execution. So far as court fees are concerned	 we have a Central Act	 namely	 the Court fees Act	 1870 (VII of 1870)	 which applies	 either with or without amendments	 to those States and Union Territories which have not repealed and replaced it by their own legislation. The States and Union Territories which have their own legislation on the subject are Andhra Pradesh	 Gujarat	 Himachal Pradesh	 Jammu and Kashmir	 Karnataka	 Kerala	 Maharashtra	 Pondicherry	 Rajasthan	 Tamil Nadu and West Bengal. Under all Court fees Acts	 no plaint can be filed in any court without payment of court fees. The plaintiff	 therefore	 has to value his claim in the suit and pay the court fees thereon computed in the manner provided in the relevant Court fees Act. So far as money suits are concerned	 the court fees payable are ad valorem court fees according to the amount claimed which may or may not be subject to a ceiling depending upon which Court fees Act applies. A suit for a sum of money expressed in a foreign currency is also a money suit and the plaintiff in such a suit will have to pay court fees according to the amount claimed. As	 however	 a court in India cannot	 as we have pointed out above	 pass a decree simpliciter for payment of a sum in a foreign currency in such a suit	 the plaintiff will have to make an alternative 573 claim in his plaint for the rupee equivalent of the foreign currency sum claimed. He will	 therefore	 have to pay court fees on the amount of the rupee equivalent. Such rupee equivalent as at the date of the institution of the suit can only be at the rate of exchange prevailing on that date. If	 therefore	 a plaintiff were to make the alternative claim on the basis of the rupee equivalent at the time of payment	 the value of the suit for the purposes of court fees would be incapable of computation for it would not be possible to say what the rate of exchange on that date would be. It may be argued on the analogy of a suit for accounts or for partition or for administration or for winding up and accounts of a partnership that the plaintiff can put a tentative valuation in his plaint computed according to the rate of exchange prevailing on the date of the institution of the suit and give an undertaking to pay the deficit court fees if at the time of payment of the amount decreed	 the rate of exchange has fluctuated in his favour so that the amount realized in rupee equivalent is more than the amount mentioned in the plaint. There is	 however	 a basic difference between a money suit and a suit for accounts	 a partition suit	 an administration suit or a partnership suit. In these types of suits	 a preliminary decree is passed to ascertain the amount due to the plaintiff and when such amount is ascertained	 a final decree for the ascertained sum is passed. In a money suit	 however	 there can be only one decree. It is	 therefore neither permissible in law nor feasible for the plaintiff in a suit in which his claim is for a sum of money in a foreign currency to give an undertaking to make good the deficiency in court fees when he receives payment. In fact	 a part or even the whole of the judgment debt may not be recovered at all. Even in the other types of suits mentioned above	 it is not when the ascertained amount is received by the plaintiff that the deficit court fees are to be paid by him. They are to be paid when the amount due to the plaintiff is ascertained. In the type of suits we are concerned with in these appeals	 the plaintiff can at the highest give an undertaking to pay the deficit	 if any	 in the court fees if at the time when the judgment is given and the decree passed	 the rupee equivalent is more than at the date of the suit by reason of the fluctuation in the rate of exchange	 but it would not be permissible for him to give such an undertaking for any date subsequent to the date of the passing of the decree. An additional difficulty would be that it is the court in which a suit is instituted which has to ensure at the time of the institution of the suit that the proper court fees have been paid. The deficit court fees	 therefore	 cannot be calculated and the balance 574 thereof recovered by the executing court. These difficulties would rule out both the date when the court orders execution to issue and the date of payment of the decretal debt to be taken as the date of conversion. These difficulties do not arise in England. Under the English law	 the Lord Chancellor has power	 with the consent of at least three Judges of the Supreme Court of Judicature and the concurrence of the Treasury	 to fix fees to be taken in the High Court and the Court of Appeal (see Halsbury 's Laws of England	 4th ed.	 vol. 10	 para. In the exercise of this power	 Supreme Court Fees Orders have been made from time to time. The order currently in force is the Supreme Court Fees Order	 1980 (section I. 1980 No. 821)	 under which the fee payable in the case of a writ endorsed with a claim for a liquidated sum not exceeding & 2	000 is & 35 and in any other case it is & 40	 civil proceedings in England being commenced by issuing a writ. Thus	 in England	 a fixed court fee is payable	 the amount thereof varying dependant only upon whether it is an action for a liquidated sum not exceeding & 2	000 or not. In England	 therefore	 as the court fees payable are not ad valorem court fees in an action to recover a sum of money expressed in a foreign currency	 it would be immaterial for the purposes of court fees whether the plaintiff claims in the alternative the sterling equivalent of that amount as at the date of the judgment or as at the date when the court gives leave to enforce the judgment or as at the date of payment because in any of these cases	 the court fees payable by the plaintiff will not vary except where by reason of the fluctuation in the rate of exchange the amount adjudged or the amount for which leave to enforce the judgment is given or the amount paid exceeds & 2	000 in a case where less than that has been claimed in the action. It should be noted that English practice also recognizes the difficulty which would be encountered in issuing execution for a sum in sterling to be determined at the date of payment or realization and accordingly the Practice Directions dated December 18	 1975	 require that where a plaintiff desires to enforce a judgment	 he must mention in the application made for that purpose the sterling equivalent of the foreign currency sum adjudged calculated at the rate of exchange prevailing on the date nearest or most nearly preceding the date of the application for execution	 and the writ of execution would then issue for such sterling equivalent. So far as the limit of pecuniary jurisdiction of courts is concerned	 under section 15 of the Code of Civil Procedure	 1908	 every 575 suit is to be instituted in the court of the lowest grade competent to try it. We have in India a large number of courts of various grades with different pecuniary limits of jurisdiction. In money suits	 it is the amount claimed in the suit which will determine the particular court in which the suit is to be instituted	 This determination cannot be done with reference to a foreign currency. It can only be done with reference to Indian currency. This is an additional reason why thy plaintiff must in his plaint give the rupee equivalent of the foreign currency sum claimed by him in the suit by converting it into Indian rupees at the rate of exchange prevailing at the date of the institution of the suit. The difficulty with respect to execution which would arise if the court were to select the date of payment as the date of conversion is that execution must issue for a specific sum expressed in Indian currency "due upon the decree. " It cannot issue for a sum which would become ascertainable only when realized or paid as would be the case were execution to issue for the rupee equivalent at the time of payment in rupees of a foreign currency sum. Further	 as pointed our earlier	 execution can issue only with respect to the amount due upon the decree. For the above reasons	 it is not possible for us to accept the date of payment or realization of the decretal debt as the proper date for the rate of conversion. This then leaves us with only there dates from which to make our selection	 namely	 the date when the amount became payable	 the date of the filing of the suit and the date of the judgment	 that is	 the date of passing the decree. It would be fairer to both the parties for the court to take the latest of these dates	 namely	 the date of passing the decree	 that is	 the date of the judgment. The learned Single Judge of the Delhi High Court also reached the same conclusion. He	 however	 did so relying upon the Miliangos case under an erroneous belief that when in that case it was held that the proper date should be the date when the judgment becomes enforceable what was meant was the date when the judgment was given	 that is	 when the decree was passed. The learned Single Judge was in error in so reading the judgment of the House of Lords. when the majority in the Miliangos case spoke of the date when the court gives leave to enforce the judgment what they were 576 referring to was not the date of the judgment but the date on which the court gives leave to execute the judgment. In Halsbury 's Laws of England (4th ed	 vol. 17	 para 401) the word 'execution ' is defined as follow: "The word 'execution ' in its widest sense signifies the enforcement of or giving effect to the judgments or orders of courts of justice. In a narrower sense	 it means the enforcement of those judgments or orders by a public officer under the writs of fieri facias	 possession	 delivery	 sequestration	 fieri facias de bonis ecclesiasticis	 etc." (The emphasis has been supplied by us.) This definition also appeared in the Third Edition of Halsbury 's Laws of England and was cited with approval by Hewson J. in The Zafiro	 John Carllon & Co. Ltd vs Owners of S.S. Zafiro.(1) The most usual method of enforcement of a money judgment in England is by writ of fieri facial commonly called fi.fa. (see Halsbury 's Laws of England	 4th ed.	 vo	 17	 para. 462). In certain cases	 a writ of execution to enforce a judgment or order cannot issue without leave of the court. It is unnecessary to go into the details of the procedure relating to execution in England for what we have stated above is sufficient to show that what the majority in the Miliangos case meant by the date when the court gives leave to enforce the judgment or the date when the court authorizes enforcement of the judgment was the date when the court gives leave to execute the judgment. Does the fact that the decree sought to be executed is one passed in terms of an award which directs payment of a sum of money in a foreign currency make any difference to the date of conversion to be selected by the court ? According to the Division Bench of the Delhi High Court it does because	 relying upon the Jugoslavenska case	 it held that in such a case the proper date for conversion of the foreign currency sum awarded would be the date of the award in as much as there was no difference between the relevant provisions of the English Arbitration Act	 1950 (14 Geo 6	 c.27)	 and our (X of 1940)	 particularly section 26(1) of the English Act and section 17 of our Act. For reasons which we will presently set out	 the Division Bench of the Delhi High Court erred in reaching this conclusion. 577 We have set out earlier the facts of the Jugoslavenska case and have extracted the relevant passage from the judgment of Lord Denning M.R. To recapitulate	 in the Jugoslavenska case	 the plaintiffs had been awarded a sum expressed in United States dollars in an arbitration held in London and had sought leave of the court under section 26	 now section 26(1)	 of the Arbitration Act	 1950	 to enforce that award. In support of this application	 the plaintiffs had filed an affidavit showing the rate of exchange as at the date of the award and the equivalent in pound sterling at that rate of the amount awarded to him and had claimed to enforce the amount awarded on that basis. Two questions	 therefore	 fell for the court 's determination. They were thus put by Roskill L.J. in his judgment in that case (at page 504): "The first is whether an arbitrator or umpire sitting in England or Wales can lawfully make an award in a currency other then sterling. The second is whether if such an award can be so lawfully made	 it is enforceable under section 26. To understand the decision of the Court of Appeal so far as concerns the first question	 we must bear in mind the then prevailing state of the law in England and so far as concerns the second question the provisions of the English law relating to enforcement of awards. At that time the old rule affirmed by the House of Lords in the Havana case was the law. Under it an English court could give judgment only in English currency and in an action in England to recover a debt expressed in a forcing currency	 such debt had to be converted in to sterling at the rate of exchange prevailing on the date when the debt was payable. So far as the provisions of English law relating to enforcement of an award are concerned	 the mode would depend whether or not it was a foreign award as defined in section 35 of the Arbitration Act	 1950	 which definition is mutatis mutandis the same as the definition of "foreign award" given in section 2 of our (VI of 1937). Sub section (1) of section 36 of the English Act provides for enforcement of foreign awards. That section is in the following terms: "36. Effect of foreign awards. (1) A foreign awards shall	 subject to the provisions of this Part of this Act	 be enforceable in England 578 either by action or in the same manner as the award of an arbitrator is enforceable by virtue of section twenty six of this Act. (2) Any foreign award which would be enforceable under this Part of this Act shall be treated as binding for all purposes on the persons as between whom it was made	 and may accordingly be relied on by any of those persons by way of defence	 set off or otherwise in any legal proceedings in England	 and any references in this Part of this Act to enforcing a foreign award shall be construed as including references to relying on an award. " Though section 36 is headed 'Effect of foreign awards '	 it will be seen that sub section (1) of that section deals with enforcement of foreign awards while only sub section (2) deals with the effect of foreign awards. Thus	 under section 36 (1) there are two alternative modes provided for enforcing a foreign award in England	 namely	 (1) by action at law on the award	 and (2) by leave of the court in the same manner as the award of an arbitrator made in England is enforceable under section 26. Since	 according to the law then prevailing	 an English court could only give judgment in sterling and required a debt expressed in a foreign currency to be converted into English currency at the rate of exchange prevailing on the date when the debt was payable in an action on a foreign award the plaintiff would have to make his claim in English currency in respect of the sum of money awarded to him in a foreign currency. In such an action the debt in respect of which the plaintiff would be seeking judgment would be the sum of money payable to him under the award which had by virtue of the award become payable to him on the date of the award. He would	 therefore	 have to convert the foreign currency sum awarded to him into English currency at the rate of exchange prevailing on the date of the award. Before we deal with the second mode of enforcing a foreign award provided in section 36(1)	 it will be convenient to reproduce here the provisions of section 26 of the English Arbitration Act which are as follows: "26. Enforcement of award. (1) An award on an arbitration agreement may by	 leave of the High Court or a judge thereof	 be enforced in 579 the same manner as a judgment or order to the same effect	 and where leave is so given	 judgment may be entered in terms of the award. (2) If (a) the amount sought to be recovered does not exceed the current limit on jurisdiction in section 40 of the County Courts Act	 1959	 and (b) a county court so orders	 it shall be recoverable (by execution issued from the county court or otherwise) as is payable under an order of that court and shall not be enforceable under sub section (1) above. (3) An application to the High Court under this section shall preclude an application to a county court and an application to a county court under this section shall preclude an application to the High Court. " Originally section 26 consisted only of sub section (1). Subsection (2) and (3) were inserted in section 26 and the original section renumbered as sub section (1) by section 17(2) of the Administration of Justice Act	 1977. The new sub sections (2) and (3) are immaterial for our purpose for it was the old section 26	 now section 26(1). which formed the basis of the decision in the Jugoslavenska case. Kerr J.	 from whose judgment the appeal in the Jugoslavenska ease was carried to the Court of Appeal	 had before deciding the matter made enquiries of the Central Office of the High Court as to the practice in dealing with applications under section 36(1). Roskill L.J. in his judgment in the Court of Appeal has referred to this and has thus set out (at page 507) the information which Kerr J. had received: "He was told that the practice on applications under that section is that the sum awarded in the foreign currency in question is converted into sterling at the rate prevailing at the date of the award and that	 in the absence of any other objection	 an order is then made giving leave to enforce the foreign award in the same manner as a judgment for that resulting sterling sum." (The emphasis has been supplied by us.) 580 The award in the Jugoslavenska case was not a foreign award within the meaning of section 35 of the English Act for it was made in England	 though the sum awarded there under was expressed in a foreign currency	 namely	 United States dollars. In English law	 an application to enforce an award under section 26(1) is only one of the modes of enforcing an award which is not a foreign award. Where such an application is granted	 it is not necessary that judgment must be entered in terms of the award. Lord Denning M.R.	 in the course of his judgment in the Jugoslavenska case	 pointed out (at page 502) that in most cases it would be unnecessary to enter judgment	 for once leave was given	 the award could be enforced by the ordinary means of execution	 but it might be necessary to enter judgment in order to issue a bankruptcy notice and the latter words of section 26 enabled judgment to be so entered. Roskil L.J. also pointed out (at page 507) that under section 26(1) there are two different steps which must be taken. First	 the obtaining of leave to enforce the award in the same manner as a judgment	 and secondly and independently	 when leave is so given	 the entering of judgment in the terms of the award. Section 26(1) is not exhaustive of the modes in which an award	 which is not a foreign award	 can be enforced. Such an award can also be enforced by bringing an action on it in which case	 as pointed out earlier	 if the sum awarded were expressed in a foreign currency	 the judgment would have to be sought in sterling for which purpose the rate of exchange would be taken as at the date of the award. In the Jugoslavenska case the court held that an arbitrator or umpire in England had jurisdiction to make an award for a sum of money expressed in a foreign currency when that particular currency was the appropriate currency in which to express it. The difficulty which faced the court was the manner of enforcing such an award by reason of the decision in the Havana case under which an English court could give judgment only in sterling. This difficulty was resolved by the court by referring to section 36(1) and holding that it would be unreasonable that an award in a foreign currency made aboard could be enforced by an application under section 26(1) while the same award	 if made in England	 could not be so enforced. It was for this reason that the court interpreted the words "to the same effect" occurring in section 26(1) as meaning "having the same effect" and not as meaning "in the same terms"	 because	 as Lord Denning M.R. pointed out	 if it were to be so interpreted	 there would be some difficulty in applying the section to an award in a foreign currency but if the words were interpreted to mean that the judgment 581 or order must have "the same effect"	 it would follow that if the sum awarded were converted into sterling at the rate of exchange as at the date of the award it would have the same effect as a judgment or order in an action on the award. We may point out that Cairns L.J.	 however	 felt some doubt whether the sum awarded must be converted into sterling before leave to enforce the award was given but he did not dissent because both Lord Denning M.R. and Roskill L.J. considered that it should be so converted. As emphasized by us earlier	 in the Jugoslavenska case the date of the award was taken as the date of conversion because in an action on such an award the due date for payment of the debt would be the date of the award. We have seen that in the Miliangos case	 though the Jugoslavenska case was not expressly over ruled none of the Law Lords who had occasion to refer to it were happy with what had been held there; Lord Wilberforce opining that there was no reason why	 if desired	 the practice should not be adjusted so as to enable conversion to be made at the date when leave to enforce the award in sterling is given; Lord Cross of Chelsea thinking it absurd that there should be one rule for arbitrations with respect to foreign currency debts and another with respect to actions on similar debts; Lord Edmund Davies expressing his view that no basic distinction could be drawn for the purposes of a conversion date between judgments and awards; and even Lord Simon of Glaisdale in his dissenting judgment stating his belief that if Parliament were to reconsider the sterling judgment rule and the breach date rule	 the Jugaslavenska case would come within the purview of such reconsecration. In view of these observations and the fact that the Havana case is no longer the law in view of the decision in the Miliangos case	 it is highly doubtful whether today in England if the matter were carried higher	 it would be decided in the same way. In view of the Miliangos case it cannot be said today that in an action on an award the foreign currency sum directed to be paid under the award must be converted at the date of the award when it was payable. It would have to be converted at the date when the court gives leave to enforce the judgment. On principle there can be no difference between an action on an award and a case where instead of filing an action the plaintiff files an application under section 26(1) for leave to enforce the award. If in an action on the award the proper date of conversion would be the date when the court gives leave to enforce the judgment	 where an application under section 26(1) is filed the proper date of conversion should also be the same	 for then alone can the award	 when leave is given	 "be enforced in the same manner as a judgment or order to the same effect". 582 We find that the Division Bench of the Delhi High Court has not correctly appreciated the ratio of the decision in the Jugoslavenska case nor the reasoning upon which that decision was based. We also find that the Division Bench of the Delhi High Court has committed an error in equating section 26(1) of the English Arbitration Act with section 17 of our Arbitration Act. The reason for this error is that the Division Bench of the Delhi High Court has proceeded upon a wrong assumption that the procedural scheme of the English Arbitration Act is the same as that of our Arbitration Act. In this connection	 the Division Bench has referred to section 22 of the English Act	 under which the court has power from time to time to remit the matters referred or any of them for reconsideration of the arbitrator or umpire	 and section 23(1) of the English Act	 under which the court has power to remove any arbitrator or umpire for misconduct. These sections correspond to sections 16 and 11 our Act	 We fail to see what relevance either of these sections had to the question in issue. Before we proceed further to discuss this aspect of the case	 it will be convenient to set out section 17 of our . That section provides as follows: "17. Judgment in terms of award. Where the Court sees no cause to remit the award or any of the matters referred to arbitration for reconsideration or to set aside the award	 the Court shall	 after the time for making an application to set aside the award has expired	 or such application having been made	 after refusing it	 proceed to pronounce judgment according to the award	 and upon the judgment so pronounced a decree shall follow and no appeal shall lie from such decree except on the ground that it is in excess of	 or not otherwise in accordance with	 the award. " What seems to have impressed the Division Bench of the Delhi High Court is the fact that in England the court is not bound to grant leave to enforce the award but can	 when such an application is made	 on objection being raised by the respondent	 either remit the award or set it aside	 and that the same can also be done by a court in India when an award has been filed in court. We find that in adopting this line of approach the Division Bench has overlooked the basic differences between the English procedure and the procedure under our Act. The provisions for enforcing an award under the 583 English Act and under our Act are different. Under the English Act	 if it is sought to enforce an award by making an application under section 26(1)	 such application has to be made under O. 73 r. 3 of the Rules of the Supreme Court	 1965	 by an originating summons. There is no time limit provided for taking out such a summons. There is	 however	 a time limit provided for making an application to the court to remit an award under section 22 or to set aside an award under section 23(2)	 under O. 73 r. 5(1) of the Rules of the Supreme Court	 1965	 the period of limitation being 21 days after the award has been made and published to the parties. An application for leave to enforce the award under section 26(1) can	 however	 be made even before the expiry of the time for moving to set aside the award. In such a case	 however	 it can be resisted upon the ground that a motion to set aside the award to be made. It is opined in Russel on Arbitration	 20th ed. page 375	 that in such a case	 the party resisting the application would be required to show	 upon affidavit	 a substantial case for contesting the validity of the award	 as well as to swear to his intention of doing so. Under section 17 of our Act	 an application for a judgment according to the award can only be made after the time for making an application to set aside the award has expired	 or if such application has been made	 only after it is refused. Under the English Act	 the court is not bound to grant leave to enforce	 the award. In doubtful cases	 it would ordinarily leave the party to pursue his remedy by filing an action on the award. The court may also give leave to enforce the award only upon terms. An instance of this is the case of E.D. & F	 Man vs Societe Annonyme Triaolitaine Des Usines De Raffinage De Sucre(1) where the applicant	 who had throughout admitted that he owed a certain sum on a cross claim	 which was not a subject matter of the reference	 was awarded a larger sum which made no reference to the cross claim	 was given leave to enforce the whole award as a judgment on an undertaking given by him to accept the difference between the two sums in satisfaction of the award and the extinction of the cross claim. Further	 in answer to an application for leave under section 26(1) the respondent may set up the defence that the award is a nullity	 or is wholly or in part ultra vires	 or is bad on the face of it. If	 however	 his objection to the award is that arbitrator has misconducted himself	 or that the award was improperly procured	 his proper course would be to move to set the award aside	 and	 if necessary	 to have the 584 application to enforce the award adjourned in the meantime (see Halsbury 's Laws of England	 4th ed.	 vol. 2	 para 630). None of these contentions are available to a respondent where an application for a judgment according to the award is made under section 17 of our . They can only be raised by way of an application to set aside or remit the award after the award has been filed in court and notice thereof issued to the parties under section 14 of the . The period of limitation for such an application is prescribed by Article 119(b) of the (XXXVI of 1963). If the period of limitation expires without any such application being made	 the court	 on application made to it for that purpose	 must proceed to "pronounce judgment according to the award" whereupon a decree has to follow. Section 17 expressly provides that in such a case "the Court shall . proceed to pronounce judgment according to the award and upon the judgment so pronounced a decree shall follow". The only ground upon which such a decree can be challenged in appeal is that "it is in excess of	 or not otherwise in accordance with the award". The court before which an application for judgment in terms of the award is made	 has	 therefore	 no discretion in the matter except possibly in a case where the award is on the face of it patently illegal or violative of a provision of the law. Under section 26(1) of the English Act	 when leave is given to enforce the award	 it is not necessary that judgment should be entered in terms of the award for the purpose of enforcing the award by execution. Under our 	 before an award can be enforced	 a judgment has to be pronounced according to the award	 a decree has thereupon to follow and it is that decree which alone can be enforced by an application for execution made under O. 21 r. 11 of the Code of Civil Procedure	 1908. It is pertinent to note that the judgment	 which the court pronounces under section 17	 is to be "according to the award". Where the award directs a certain sum of money to be paid and the court	 in a case where it has not modified or corrected the award under section 15	 pronounces judgment for a different sum	 the judgment cannot be said to be "according to the award". In the same way	 where an award directs payment of a sum of money in a foreign currency and the court while pronouncing judgment provides for its rupee equivalent at the rate of exchange prevailing on the date of the award	 the court will not be pronouncing judgment "according to the award" if in the meantime the rate of exchange has varied	 because at the date of the judgment the foreign currency equivalent of the 585 amount in rupees provided in the judgment would be different from the foreign currency sum directed to be paid by the award. The judgment	 therefore	 can only be said to be "according to the award" if it directs payment of the rupee equivalent at the rate of exchange prevailing on the date of pronouncing the judgment which date is the same as the date of the passing of the decree. For this purpose	 the applicant must satisfy the court	 either on affidavit or otherwise	 as to the rate of exchange prevailing on the date of the judgment or on the date nearest or most nearly preceding the date of the judgment. Under section 17 of our 	 judgment is to be pronounced "according to the award". The marginal note to the section speaks of "judgment in terms of award". Under section 26(1) of the English Act	 once leave is given	 an award becomes enforceable in the same manner as a judgment or order "to the same effect". The words "to the same effect" were interpreted in the jugoslavenska case not as meaning "in the same terms" but as meaning having "the same effect"	 that is	 as having the same effect as a judgment or order given in an action brought on the award. Granting leave under section 26(1) of the English Act and pronouncing judgment according to the award and passing a decree under section 17 of our Act	 therefore	 mean different things and have different results. A judgment according to the award under section 17 our Act will speak only from the date of the judgment which will not be the case under section 26(1)	 for while in the first case what will be enforceable by the processes of law	 namely	 execution	 will be the decree passed in terms of the award	 in the second case it will be the award itself	 unless the applicant desires to have judgment entered in terms of the award which he is not required to do as pointed out above. On behalf of ONGC reliance was placed upon the decision of this Court in Satish Kumar and others vs Surinder Kumar and others.(1) On the strength of this decision it was submitted that an award was not a mere waste paper until a decree in terms of the award has been passed but an award created rights and liabilities and	 therefore	 since the award in the instant case provided that a certain sum should be paid in a foreign currency to Forasol	 it spoke from the date when it was made and published and the rate of conversion could	 therefore	 only be the date of the said award. We are unable to see how the above decision in any way bears out this proposition or lends support 586 to it In that case	 an award	 made on a reference to arbitration by the parties without the intervention of the court	 was filed in court under section 14 of the . In an application made under section 30 to set aside the award	 one of the objections taken was that the award required registration as it affected immovable property worth more than Rs.100 in value and as the award was not registered	 it was not admissible in evidence. This contention was upheld. It was in this context that this Court observed (at page 249) that "an award has some legal force and is not a mere waste paper. If the award in question is not a mere waste paper but has some legal effect it plainly purports to or affects property within the meaning of section 17 (1) (b) of the Registration Act". The question before the Court in that case was whether a decree in terms of an unregistered award could be passed by the court in a case where under the (XVI of 1908)	 the registration of the award was compulsory. This question is very different from the one which we are called upon to decide. It was also submitted on behalf of ONGC that an award	 unless it is set aside by the court	 is a final adjudication of the rights and liabilities of the parties in respect of the matters referred to arbitration and	 therefore	 Forasol could not claim to convert the French Franc part of the said award into Indian rupees at the rate of exchange prevailing on the date of the decree but can only do so at the rate of exchange prevailing on the date of the award. We find this submission wholly untenable. Undoubtedly	 the said award	 not having been set aside or modified by the court	 is final and binding on the parties and	 in respect of the matters referred to arbitration	 Forasol cannot claim any amount from ONGC other than that awarded by the Umpire. Forasol is	 however	 not making any such claim. It is claiming only the sum in French Francs which it has become entitled to receive from ONGC under the said award. All that Forasol wants is that ONGC should pay to it the sum of FF. 5	89	727.51 due to it under the said award or its rupee equivalent as at the date when the court pronounced judgment according to the said award and passed the decree in terms thereof. This is a very different thing from making a claim de hors the said award. The claim made by Forasol is actually one under the said award for if the sum awarded to it in French Francs was not paid or could not be paid by ONGC	 Forasol would be entitled to receive its rupee equivalent. On the decree being passed in terms of the said award the said award became merged in the said decree and the sum of FF	5	89	727.51 payable to Forasol under 587 the said award became a judgment debt payable to Forasol under the said decree and	 as pointed out above	 at the time of passing the decree the court would have to direct payment of the rupee equivalent of this foreign currency debt only at the rate of exchange prevailing on the date of the decree. For the reasons set out above	 we are of the opinion that the rule in the jugoslavenska case cannot be applied to this country and the fact that a decree is in terms of an award for a sum of money expressed in a foreign currency makes no difference to the date to be taken by the court for converting into Indian currency the foreign currency sum directed to be paid under the award and that such date should also be the date of the decree. It would be convenient if we now set out the practice	 which according to us	 ought to be followed in suits in which a sum of money expressed in a foreign currency can legitimately be claimed by the plaintiff and decreed by the court. It is unnecessary for us to categorize the cases in which such a claim can be made and decreed. They have been sufficiently indicated in the English decisions referred to by us above. Such instances can	 however	 never be exhausted because the law cannot afford to be static but must constantly develop and progress as the society to which it applies	 changes its complexion and old ideologies and concepts are discarded and replaced by new. Suffice it to say that the case with which we are concerned was one which fell in this category. In such a suit	 the plaintiff	 who has not received the amount due to him in a foreign currency and	 therefore	 desires to seek the assistance of the court to recover that amount	 has two courses open to him. He can either claim the amount due to him in Indian currency or in the foreign currency in which it was payable. If he chooses the first alternative	 he can only sue for that amount as converted into Indian rupees and his prayer in the plaint can only be for a sum in Indian currency. For this purpose	 the plaintiff would have to convert the foreign currency amount due to him into Indian rupees. He can do so either at the rate of exchange prevailing on the date when the amount became payable for he was entitled to receive the amount on that date or	 at his option	 at the rate of exchange prevailing on the date of the filing of the suit because that is the date on which he is seeking the assistance of the court for recovering the amount due to him. In either event	 the valuation of the suit for the purposes of court fees and the pecuniary limit of the jurisdiction 588 of the court will be the amount in Indian currency claimed in the suit. The plaintiff may	 however	 choose the second course open to him and claim in foreign currency the amount due to him. In such a suit	 the proper prayer for the plaintiff to make in his plaint would be for a decree that the defendant do pay to him the foreign currency sum claimed in the plaint subject to the permission of the concerned authorities under the Foreign Exchange Regulation Act	 1973	 being granted and that in the event of the foreign exchange authorities not granting the requisite permission or the defendant not wanting to make payment in foreign currency even though such permission has been granted or the defendant not making payment in foreign currency or in Indian rupees	 whether such permission has been granted or not	 the defendant do pay to the plaintiff the rupee equivalent of the foreign currency sum claimed at the rate of exchange prevailing on the date of the judgment. For the purposes of court fees and jurisdiction the plaintiff should	 however	 value his claim in the suit by converting the foreign currency sum claimed by him into Indian rupees at the rate of exchange prevailing on the date of the filing of the suit or the date nearest or most nearly preceding such date	 stating in his plaint what such rate of exchange is. He should further give an undertaking in the plaint that he would make good the deficiency in the court fees	 if any	 if at the date of the judgment	 at the rate of exchange then prevailing	 the rupee equivalent of the foreign currency sum decreed is higher than that mentioned in the plaint for the purposes of court fees and jurisdiction. At the hearing of such a suit	 before passing the decree	 the court should call upon the plaintiff to prove the rate of exchange prevailing on the date of the judgment or on the date nearest or most nearly preceding the date of the judgment. If necessary	 after delivering judgment on all other issues	 the court may stand over the rest of the judgment and the passing of the decree and adjourn the matter to enable the plaintiff to prove such rate of exchange. The decree to be passed by the court should be one which orders the defendant to pay to the plaintiff the foreign currency sum adjudged by the court subject to the requisite permission of the concerned authorities under the Foreign Exchange Regulation Act	 1973	 being granted	 and in the event of the Foreign Exchange authorities not granting the requisite permission or the defendant not wanting to make payment in foreign currency even though such permission has been granted or the defendant not making payment in foreign currency or in Indian rupees	 whether such permission has been granted or not	 the equivalent of such foreign currency sum converted into 589 Indian rupees at the rate of exchange proved before the court as aforesaid. In the event of the decree being challenged in appeal or other proceedings and such appeal or other proceedings being decided in whole or in part in favour of the plaintiff	 the appellate court or the court hearing the application in the other proceedings challenging the decree should follow the same procedure as the trial court for the purpose of ascertaining the rate of exchange prevailing on the date of its appellate decree or of its order on such application or on the date nearest or most nearly preceding the date of such decree or order. If such rate of exchange is different from the rate in the decree which has been challenged	 the court should make the necessary modification with respect to the rate of exchange by its appellate decree or final order. In all such cases	 execution can only issue for the rupee equivalent specified in the decree	 appellate decree or final order	 as the case may be. These questions	 of course	 would not arise if pending appeal or other proceedings adopted by the defendant the decree has been executed or the money thereunder received by the plaintiff. Turning now to arbitrations	 on principle there can be and should be no difference between an award made by arbitrators or an umpire and a decree of a court. In the type of cases we are concerned with here just as the courts have power to make a decree for a sum of money expressed in a foreign currency subject to the limitations and conditions we have set out above	 the arbitrators or umpire have the power to make an award for a sum of money expressed in a foreign currency. The arbitrators or umpire should	 however	 provide in the award for the rate of exchange at which the sum awarded in a foreign currency should be converted in the events mentioned above. This may be done by the arbitrators or umpire taking either the rate of exchange prevailing on the date of the award or the date nearest or most nearly preceding the date of the award or by directing that the rate of exchange at which conversion is to be made would be the date when the court pronounces judgment according to the award and passes the decree in terms thereof or the date nearest or most nearly preceding the date of the judgment as the court may determine. If the arbitrators or umpire omit to provide for the rate of conversion	 this would not by itself be sufficient to invalidate the award. The court may either remit the award under section 16 of the arbitration Act	 1940	 for the purpose of fixing the date of conversion or may do so itself taking the date of conversion as the date of its judgment or the date nearest or most nearly preceding it	 590 following the procedure outlined above for the purpose of proof of the rate of exchange prevailing on such date. If however	 the person liable under such an award desires to make payment of the sum in foreign currency awarded by the arbitrators or umpire without the award being made a rule of the court	 he would be at liberty to do so after obtaining the requisite permission of the concerned authorities under the Foreign Exchange Regulation Act	 1973. In the case of the said award which had led to these appeals before us	 the party entitled to receive the money Forasol was a foreign party. Under the said contract	 the currency of account was a foreign currency and so was the currency of payment except for a portion thereof. Forasol was	 therefore	 entitled	 on payment not being made to it by ONGC	 to receive in French Francs the amounts which became payable to it in that currency. The Umpire was	 therefore	 justified in providing that the amounts payable under the said award to Forasol in French Francs should be paid in French currency. The Umpire has	 however	 neither provided that such payment would be subject to the permission of the foreign exchange authorities being obtained nor specified the conversion rate to be applied in the eventualities which we have set out above. That	 however	 does not make any difference because neither party has objected to the said award on this ground. On the contrary	 both parties have accepted the said award as binding and conclusive. As mentioned above	 this omission on the part of the Umpire could have been corrected by the Delhi High Court when it came to pronounce judgment according to the said award and pass the said decree in terms thereof. The decree passed in terms of the said award	 however	 does not specify either the rupee equivalent of the amount in French Francs payable to Forasol or the rate of exchange at which the conversion of such amount into Indian rupees should be made. To that extent	 the decree passed in terms of the said award by the Delhi High Court was not a proper decree. Both the parties have	 however	 accepted the said decree and have not challenged it on this ground in any proceedings. In any event	 the aforesaid mistake in the said decree was one which could have been got corrected by an application for review or by an application under section 152 or	 in any event under section 151	 of the Code of Civil Procedure	 1908. The decree has now become final and binding upon the parties. Both the parties have accepted the said decree and the said decree cannot	 therefore	 be said to be invalid on the ground of the above omission to specify either the rupee equivalent of the French Franc 591 portion of the said award or the rate of exchange at which such French Franc portion was to be converted into its rupee equivalent. For the reasons set out above	 we hold that the learned Single Judge rightly took the date of the decree as the date of conversion. In his order on the said execution application he has	 however	 given a direction that ONGC could satisfy the judgment debt by making payment in French Francs or if they so preferred	 by paying the equivalent sum in rupees at the rate of exchange prevailing on the date of the decree. He was in error in not qualifying this direction by making the option given to ONGC to make payment in French Francs subject to the permission of the concerned authorities under the Foreign Exchange Regulation Act	 1973. To this extent	 the order passed by the learned Single Judge requires to be modified. Turning now to the appeal filed by ONGC	 it was stated in the Special Leave Petition filed by ONGC that it had two claims against Forasol	 the first with respect to what was termed as "tax differential" and the second with respect to interest on the amounts payable by Forasol to ONGC. Both these claims were negatived by the learned Single Judge. It was expressly stated in paragraph 19 of the Special Leave Petition of ONGC that except for the aforesaid two claims	 the judgment and order of the Division Bench of the Delhi High Court should be affirmed. ONGC 's claim for tax differential was based on Article IV 1.2 of the said contract under which Forasol was to pay income tax	 surcharge on income tax and all other taxes	 which might be assessed and levied by the income tax authorities in India on the income of Forasol under the said contract as well as on the income of Forasol 's personnel from the work performed by them under the said contract. Under the proviso to the said Article	 if subsequent to the date of the said contract	 the tax rates in India were changed so as to be higher than what they were at the date of the signing of the said contract	 ONGC was to pay the difference to Forasol and if the tax rates became lower	 Forasol was to pay the difference to ONGC. This proviso was not to be applicable in respect of the taxes payable by Forasol on the income of its personnel. The learned Single Judge has pointed out in his judgment that the claim in respect of tax differential did not survive in as much as by the said award the amounts paid by ONGC as tax on behalf of Forasol were adjusted and given credit for. ONGC did not challenge this finding in the appeal filed by it 592 in the Delhi High Court. None the less ONGC sought to reagitate this point in its Special Leave Petition. At the hearing of this appeal	 learned Counsel for ONGC stated that he was not pressing this point. In the written submission filed on behalf of ONGC after the hearing of both these appeals was concluded	 ONGC has	 however	 once again sought to raise this point. The point not having been urged in the intra court appeal in the Delhi High Court and also having been given up at the hearing of these appeals before this Court	 ONGC cannot be permitted subsequently to agitate this point in the written submissions filed on its behalf. In any event	 in our opinion	 the learned Single Judge was right in rejecting this claim of ONGC. So far as ONGC 's claim for interest is concerned	 it has been negatived both by the learned Single Judge and the Division Bench of the Delhi High Court. We find no substance in this claim. The relevant provision of the said award which deals with payment of interest is as follows: "Under the contract there is no right to interest to either party except on French Francs. If the amount paid by ONGC to the credit of Forasol in regard to Income Tax and the several items of allowance and disallowance under this award are worked out and it is found that there is an amount payable to ONGC in French Francs that would carry interest	 but if the amount is in rupees then no interest could be allowed until the date of the award. " The amounts on which interest is claimed by ONGC were payable by Forasol in rupees and not in French Francs. Therefore	 by the express terms of the said award	 there is no right in ONGC to claim any interest on these amounts and this claim for interest was rightly negatived. In the result	 we allow Civil Appeal No. 628 of 1981 filed by Forasol and set aside the order passed by the Division Bench of the Delhi High Court in the appeal filed by the oil and Natural Gas Commission	 namely	 E.F.A. (O.S.) 5 of 1977 and we restore and confirm the order passed and directions given by the learned Single Judge of the Delhi High Court in the Execution Application filed by Forasol	 namely	 Execution No. 77 of 1976	 with this modification that if the Oil and Natural Gas Commission wants to pay in French 593 Francs the amount due by it under the said decree	 it will be at liberty to do so after obtaining the requisite permission of the concerned authorities under the Foreign Exchange Regulation Act	 1973. We dismiss Civil Appeal No. 629 of 1981 filed by the Oil and Natural Gas Commission. The Oil and Natural Gas Commission will pay to Forasol the costs of both the Appeals in this Court as also of the Appeal E.F.A. (O.S.) 5 of 1977 in the Delhi High Court. H.S.K. CA No. 628/81 allowed and CA No. 629/81 dismissed.

Forasol	 a French Company having its principal office in Paris	 France	 entered into a contract on February 17	 1964 with Oil and Natural Gas Commission (ONGC)	 a Government of India undertaking	 for carrying out structural drilling in relation to the exploration for oil in India. Article IX 3 of the contract provided that the amount payable to Forasol on account of operational fee	 standby fee	 and equipment charges shall be computed in French Francs and ONGC shall pay 80% of that amount in French Francs in Paris	 France	 and the remaining 20% in Indian rupees using a fixed conversion rate of FF. 1.033=Re. 1.000. Art IX 3.2 provided that certain other charges	 e.g.	 insurance	 freight	 etc.	 incurred by Forasol were to be reimbursed to Forasol by ONGC in Indian rupees if the expenditure was initially incurred by Forasol in Indian rupees	 otherwise in French Francs. Article X 2	 X 3 and X 4 of the contract set out estimates of the payments to be made to Forasol in French Francs	 the invoicing rules and the rate of payment. Under article X 3.3	 Forasol was to indicate in each of its invoices	 the amount payable to it in French Francs and the amount payable to it in Indian rupees under the contract. article XI provided for payments to be made to Forasol in Indian rupees. The contract which was initially for a period of one year was extended twice and Addendum Nos. 1	 2 & 3 were added to the Contract. During the extended period of the contract the Indian rupee was devalued in June 1966 and consequently Forasol made a claim for conversion of Indian rupees into French 527 Francs at a rate higher than the rate specified in article IX 3. The disputes and differences which arose between the parties were referred to arbitration. The Umpire who made the award directed certain payments to be made in French Francs	 but did not specify the rate of exchange at which the French Francs were to be converted into Indian rupees. The award further directed that from November 30	 1966	 the rupee portion should be converted at the higher rate of FF. 1	000 equal to rupees 1	517.80. The award was filed in the Delhi High Court and the High Court passed a decree in terms of the award simpliciter without fixing any date for conversion of the French Francs into Indian rupees	 with interest at the rate of 6% per annum from the date of the decree till the date of payment Neither party raised any objection to the said award or to the form in which the said decree was passed. Forasol filed an application in the High Court for execution of the decree. ONGC contended that the enhanced rate of exchange specified in the award was applicable only with respect to the interest payable to Forasol from November 30	 1966 and that to the rest of the payments to be made under the award either in French Francs or in Indian rupee	 the contract rate of exchange was applicable. A single Judge of the High Court held that the contract rate of exchange applied only to the rupee part of the payment in respect of the items specified in article IX .3.1 and that in respect of the other payments to be made to Forasol in French Francs the rate of exchange prevailing at the date of the decree would apply. In appeal	 a Division Bench of the High Court held that the enhanced rate of exchange specified in the award applied only to the interest payable to Forasol and that with respect to the rupee amount the contract rate of exchange applied. It further held that as the award was in French Francs	 by reasons of the provisions of the Foreign Exchange Regulation Act	 1973	 before executing the award the French Francs would have to be converted into Indian rupees at the rate of exchange prevailing on the date of the said award. This judgment and order of the Division Bench was challenged in these cross appeals. The questions which arose for consideration were: (1) Whether the rate of conversion mentioned in the contract applied to all the payments to be made under the contract whether in Indian rupees or in French Francs	 or only to 20 per cent of the amount in French Francs	 payable by ONGC to Forasol in Indian rupees in respect of Forasol 's operational fee	 standby fee and equipment charges; (2) whether the enhanced rate of exchange specified in the award was applicable to all the payments in Indian rupees under article IX 3.1 of the contract to be made by ONGC to Forasol or only to the interest on the amount in French Francs payable to Forasol by ONGC; and (3) which was the proper date to be selected for converting into Indian rupees the French Francs part of the award in respect of which no rate of exchange had been fixed either by the contract or by the award ? Two further questions which were inextricably linked with question No. (3) above were: (1) whether an arbitrator or umpire can make an award in a foreign currency; and (2) whether a court can simpliciter pass a decree in terms of such an award without specifying the rate of exchange at which the foreign currency amount will have to be converted into Indian rupees. Allowing the appeal of Forasol and dismissing that of ONGC	 528 ^ HELD: 1. Under article IX 3.1 of the contract Forasol had agreed to accept 20 per cent of its operational fee	 standby fee and equipment charges in Indian rupees but wanted that the remaining 80 per cent of these fees and charges as also the other amounts which were payable to it under the contract should be paid to it in French Francs only. If Forasol were to indicate separately in its invoices the payment to be made to it in French Francs and in Indian rupees and if the payment of such Francs was to be made in Paris	 France	 in French Francs	 the question of providing for a rate of exchange in the said contract for converting French Francs into Indian rupees cannot arise. Such conversion rate could only be in respect of the amount payable to Forasol in Indian rupees. It is thus only the 20 per cent of the said fees and charges computed in French in Forasol 's invoices but payable in Indian rupees which was to be converted at the rate of exchange specified in the contract. This interpretation receives further support from article 2.2 of Addendum No. 2 and article 2.5 of Addendum No. 3 under which amounts refundable by Forasol to ONGC were to be refunded in the same currency in which ONGC had paid them earlier. [544 C F] 2. The Division Bench of the High Court was in error in holding that the enhanced rate of exchange specified in the award applied only to the amount of interest payable to Forasol. The enhanced rate of exchange applied to the payments in Indian rupees under article IX 3.1 of the contract to be made by ONGC to Forasol from and after November 30	 1966. [548 D E] 3. In an action to recover an amount payable in a foreign currency	 five dates compete for selection by the Court as the proper date for fixing the rate of exchange at which the foreign currency amount has to be converted into the currency of the country in which the action has been commenced and decided. These dates are: (1) the date when the amount became due and payable; (2) the date of commencement of the action; (3) the date of the decree; (4) the date when the court orders execution to issue; and (5) the date when the decretal amount is paid or realized. In a case where a decree had been passed by the court in terms of an award made in a foreign currency a sixth date also enters the competition	 namely	 the date of the award. [548G 549B] The question which one out of the dates mentioned above is the proper date to be selected by the Court does not appear to have been decided in this country. The question	 however	 has formed the subject matter of decisions in England. The English decisions are of Courts of a country from which we have derived our jurisprudence and a large part of our laws and in which the judgments were delivered by judges held in high repute. Undoubtedly	 none 529 of these decisions are binding upon this Court but they are authorities of high pursuasive value to which we may legitimately turn for assistance. Whether the rule laid down in any of these cases can be applied by our Courts must	 however	 be judged in the context of our own laws and legal procedure and the practical realities of litigation in our country. [549G; 568G] Miliangos vs George Frank (Textiles) Ltd.	 ; Tomkinson and Anr. vs First Pennsylvania Banking & Trust Co.	 ; ; Sub nom in re United Railways of Havana and Regla Warehouses Ltd.	 ; ; Jugoslavenska Oceanska Plovibda vs Castle Investment Co. Inc.	 Beswick v Beswick; 	 ; ; Dr. Mann	 The legal Aspect of Money	 3rd Edn. [1971]	 p. 363; Schorsch Meier G.m.b H. vs Hennin	 ; Miliangos vs George Frank (Textiles) Ltd.	 ; Practice Statement (Judicial Precedent)	 (1966) 1 W.L.R 1234; Owners of M.V. Eleftherotria vs The owners of M.V. Despina R The Dispina R and Services Europe Atlantique Sud (Seas) of Paris vs Stockholms. Redriaktiebolag Svea of Stockholm	 ; Practice directions	 ; ; The Zafuo	 John Carllom & Co. Ltd vs Owners of S.S. Zafiro	 L.R. (1960) p. 1 at 14; [1959] 2 All F.R. 537 at 544; E.D. & F. Man vs Socite Annonyme Tripolitiane Das Usines De Raffinage De Sucre	 [1970] 2 Lyod 's L.Rep. 416 and Russel on Arbitration 20th edn. page 375	 referred to. When a foreigner has to receive a sum of money which should justly be payable to him in a foreign currency and because of the default of the paying party	 seeks to recover its payment through the court	 the first question which arises is whether a court in India would have jurisdiction to pass a decree for a sum expressed in a foreign currency. Though on principle there is no reason why a court should not be able to do so	 no court can pass a decree directing a defendant to do an impossible or an illegal act and in view of the provisions of our Foreign Exchange Regulation Act	 1973	 and the restrictions contained therein on making payments in a foreign currency	 if a decree were to be passed simpliciter for a sum expressed in a foreign currency	 it would be to direct the defendant to do an act which would be in violation of the Foreign Exchange Regulation Act	 1973. Such a decree can	 therefore	 only be passed by making the payment in foreign currency subject to the permission of the foreign exchange authorities being granted. If	 however	 the authorities do not grant permission for payment of the judgment debt in foreign currency	 it would not be possible for the defendant to make such payment	 resulting in the decree becoming infrutuous and the plaintiff getting nothing under it. The court must	 therefore	 provide for the eventuality of the foreign exchange authorities not granting the requisite permission or even if such permission is given	 the defendant not paying the decretal debt	 or not wanting to discharge the decree by making payment in foreign currency or in Indian rupees. This can only be done by the decree providing in the alternative for payment of a sum of money in Indian rupees	 which will be equivalent to the sum decreed in foreign currency. It is but just that a man	 who is in law entitled to receive a sum of money in a foreign currency	 should either receive it in such currency or should receive its equivalent in Indian rupees. It is here that the question 530 of the date which the court should select for converting foreign currency into Indian rupees arise. The court must select a date which puts the plaintiff in the same position in which he would have been had the defendant discharged his obligation when he ought to have done	 bearing in mind that the rate of exchange is not a constant factor but fluctuates	 and very often violently fluctuates	 from time to time. The date when the amount became due and payable	 does not have the effect of putting the plaintiff in the same position in which he would have been had the defendant discharged his obligation when he should have done because between that date and the date when the suit is decreed the rate of exchange may have fluctuated to the plaintiff s prejudice	 resulting in the amount decreed in rupees representing only a fraction of what he was entitled to receive. Equally	 the possibility of the plaintiff getting more than what he had bargained for in case the rate of exchange had fluctuated in his favour cannot be ruled out. To select the date when the amount became due or the "breach date"	 as the English courts have termed it	 is thus to expose the parties to the unforesecable changes in the international monetary market. The selection of the "breach date" cannot	 therefore	 be said to be just	 fair or equitable. [568H 569D] The date of the commencement of the action or suit	 is equally subject to the same criticism. The selection of the date of the filing of the suit would	 therefore	 leave the parties in as uncertain and precarious a position as the selection of the date when the amount became payable or the "breach date". [569 E H] To select the date of the decree as the conversion date would be to adopt as unrealistic a standard as the "breach date" because a money decree and the payment by the judgment debtor of the judgment debt under it are two vastly different matters widely separated by successive execution applications and objections thereto unless the judgment debtor chooses to pay up the judgment debt of his own accord which is generally not the case. In the vast majority of cases a money decree is required to be enforced by execution. [570 A E] The selection of the date when the court orders execution to issue is equally beset with difficulties. [570 G] In selecting the date of payment as the proper date of conversion there are three practical and procedural difficulties	 namely	 payment of court fees	 the pecuniary limit of the jurisdiction of courts and execution. [572 B E] This then leaves the court with only three dates from which to make the selection	 namely	 the date when the amount became payable	 the date of the filing of the suit and the date of the judgment	 that is	 the date of passing the decree. It would be fairer to both the parties for the court to take the latest of these dates	 namely	 the date of passing the decree	 that is	 the date of the judgment. Under section 17 of the Arbitration Act	 1949 the judgment which the court pronounces is to be "according to the award". Where the award directs a certain sum of money to be paid and the court	 in a case where it has not modified or corrected the award under section 15	 pronounces judgment for a different sum	 the judgment cannot be said to be "according to the award". In the same way	 where an award directs payment of a sum of money in foreign currency and the court while pronouncing judgment provides for its rupee equivalent at the rate of exchange prevailing on the date of the award	 the court will not be pronouncing judgment "according to the award" if in the meantime the rate of exchange has varied	 because at the date of the judgment the foreign currency equivalent of the amount in rupees provided in the judgment would be different from the foreign currency sum directed to be paid by the award. The judgment	 therefore	 can only be said to be "according to the award" if it directs payment of the rupee equivalent at the rate of exchange prevailing on the date of pronouncing the judgment which date is the same as the date of the passing of the decree. [584G 585B] 6. The Division Bench of the High Court has committed an error in equating section 26 (1) of the English Arbitration Act with section 17 of our Arbitration Act. The reason for this error is that the Division Bench has proceeded upon a wrong assumption that the procedural scheme of the English Arbitration Act is the same as that of our Arbitration Act. The provisions for enforcing an award under the English Act and under our Act are different. Granting leave under section 26 of the English Act and pronouncing judgment according to the award and passing a decree under section 17 of our Act mean different things and have different results. A judgment according to the award under s 17 of our Act will speak only from the date of the judgment which will not be the case under section 26 (1) of the English Act	 for while in the first case what will be enforceable by the processes by law	 namely execution	 will be the decree passed in terms of the award	 in the second case it will be the award itself	 unless the applicant desires to have judgment entered in terms of the award. [585C	 585E] Satish Kumar and ors. vs Surinder Kumar and ors. 	 	 distinguished. The practice	 which ought to be followed in suits in which a sum of money expressed in a foreign currency can legitimately be claimed by the plaintiff and decreed by the court is as follows. In such a suit	 the plaintiff	 who has not received the amount due to him in a foreign currency and	 therefore	 desires to seek the assistance of the court to recover that amount	 has two courses open to him. He can either claim the amount due to him in Indian currency or in the foreign currency in which it was payable. If he chooses the first alternative	 he can only sue for that amount as converted into Indian rupees and his prayer in the plaint can only be for a sum in Indian currency. For this purpose	 the plaintiff would have to convert the foreign currency amount due to him into Indian rupees. He can do so either at the rate of exchange prevailing on the date when the amount became payable for he was entitled to receive the amount on that date or	 at his option	 at the rate of exchange prevailing on the date of the filling of the suit because that is the 532 date on which he is seeking the assistance of the court for recovering the amount due to him. In either event	 the valuation of the suit for the purposes of court fees and the pecuniary limit of the jurisdiction of the court will be the amount in Indian currency claimed in the suit. The plaintiff may	 however	 choose the second course open to him and claim in foreign currency the amount due to him. In such a suit	 the proper prayer for the plaintiff to make in his plaint would be for a decree that the defendant do pay to him the foreign currency sum claimed in the plaint subject to the permission of the concerned authorities under the Foreign Exchange Regulation Act	 1973	 being granted and that in the event of the foreign exchange authorities not granting the requisite permission or the defendant not wanting to make payment in foreign currency even though such permission has been granted or the defendant not making payment in foreign currency or in Indian rupees	 whether such permission has been granted or not	 the defendant do pay to the plaintiff the rupee equivalent of the foreign currency sum claimed at the rate of exchange prevailing on the date of the judgment. For the purposes of court fees and jurisdiction the plaintiff should	 however	 value his claim in the suit by converting the foreign currency sum claimed by him into Indian rupees at the rate of exchange prevailing on the date of the filing of the suit or the date nearest or most nearly preceding such date	 stating in his plaint what such rate of exchange is. He should further give an undertaking in the plaint that he would make good the deficiency in the court fees	 if any	 if at the date of the judgment	 at the rate of exchange then prevailing	 the rupee equivalent of the foreign currency sum decreed is higher than that mentioned in the plaint for the purposes of court fees and jurisdiction. At the hearing of such a suit	 before passing the decree	 the court should call upon the plaintiff to prove the rate of exchange prevailing on the date of the judgment or on the date nearest or most nearly preceding the date of the judgment. If necessary	 after delivering judgment on all other issues	 the court may stand over the rest of the judgment and the passing of the decree and adjourn the matter to enable the plaintiff to prove such rate of exchange. The decree to be passed by the court should be one which orders the defendant to pay to the plaintiff the foreign currency sum adjudged by the court subject to the requisite permission of the concerned authorities under the Foreign Exchange Regulation Act	 1973	 being granted	 and in the event of the Foreign Exchange authorities not granting the requisite permission or the defendant not wanting to make payment in foreign currency even though such permission has been granted or the defendant not making payment in foreign currency or in Indian rupees	 whether such permission has been granted or not	 the equivalent of such foreign currency sum converted into Indian rupees at the rate of exchange proved before the court as aforesaid. In the event of the decree being challenged in appeal or other proceedings and such appeal or other proceedings being decided in whole or in part in favour of the plaintiff	 the appellate court or the court hearing the application in the other proceedings challenging the decree should follow the same procedure as the trial court for the purpose of ascertaining the rate of exchange prevailing on the date of its appellate decree or of its order on such application or on the date nearest or most nearly preceding the date of such decree or order. If such rate of exchange is different from the rate in the decree which has been challenged	 the court should make the necessary modification with respect to the rate of exchange by its appellate decree or final 533 order. In all such cases	 execution can only issue for the rupee equivalent specified in the decree	 appellate decree or final order	 as the case may be. These questions	 of course	 would not arise if pending appeal or other proceedings adopted by the defendant the decree has been executed or the money thereunder received by the plaintiff. [587D 589C] 8. Just as the courts have power to make a decree for a sum of money expressed in a foreign currency subject to the limitations and conditions set out above	 the arbitrators or umpire have the power to make an award for a sum of money expressed in a foreign currency. The arbitrators or umpire should	 however	 provide in the award for the rate of exchange at which the sum awarded in a foreign currency should be converted in the events mentioned above. This may be done by the arbitrators or umpire taking either the rate of exchange prevailing on the date of the award or the date nearest or most nearly preceding the date of the award or by directing that the rate of exchange at which conversion is to be made would be the date when the court pronounces a judgment according to the award and passes the decree in terms thereof or the date nearest or most nearly preceding the date of the judgment as the court may determine. If the arbitrators or umpire omit to provide for the rate of conversion	 this would not by itself be sufficient to invalidate the award. The court may either remit the award under section 16 of the 	 for the purpose of fixing the date of conversion or may do so itself taking the date of conversion as the date of its judgment or the date nearest or most nearly preceding it	 following the procedure outlined above for the purpose of proof of the rate of exchange prevailing on such date. If	 however	 the person liable under such an award desires to make payment of the sum in foreign currency awarded by the arbitrators or umpire without the award being made a rule of the court	 he would be at liberty to do so after obtaining the requisite permission of the concerned authorities under the Foreign Exchange Regulation Act	 1973	 9	 In the instant case the party entitled to receive the money Forasol was a foreign party. Under the said contract	 the currency of account was a foreign currency and so was the currency of payment except for a portion thereof. Forasol was	 therefore	 entitled	 on payment not being made to it by ONGC	 to receive in French Francs the amounts which became payable to it in that currency. The Umpire was	 therefore	 justified in providing that the amounts payable under the said award to Forasol in French Francs should be paid in French currency. The Umpire has	 however	 neither provided that such payment would be subject to the permission of the foreign exchange authorities being obtained nor specified the conversion rate to be applied in the eventualities set out above. That	 however	 does not make any difference because neither party has objected to the said award on this ground. On the contrary	 both parties have accepted the said award as binding and conclusive	 As mentioned above	 this omission on the part of the Umpire could have been corrected by the High Court when it came to pronounce judgment according to the said award and pass the said decree in terms thereof. The decree passed in terms of the said award	 however	 does not specify either the rupee equivalent of the amount in French Franch payable to Forasol or the rate of exchange at which the conversion of such amount into Indian rupees should be made. To that extent	 the decree passed in terms of the said award by the High Court was not 534 a proper decree. Both the parties have	 however	 accepted the said decree and have not challenged it on this ground in any proceedings. In any event	 the aforesaid mistake in the said decree was one which could have been got corrected by an application for review or by an application under section 152 or	 in any event under section 151	 of the Code of Civil Procedure	 1908. The decree has now become final and binding upon the parties. Both the parties have accepted the said decree and the said decree cannot	 therefore	 be said to be invalid on the ground of the above omission to specify either the rupees equivalent of the French Franc portion of the said award or the rate of exchange at which such French Franc portion was to be converted into its rupee equivalent. For these reasons we hold that the learned Single Judge rightly took the date of the decree as the date of conversion. [590C 591B]