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of <h1>Finance Bill 2015: Amend Section 114 of Customs Act to Adjust Penalties on Dutiable Goods with New Conditions</h1> Clause 82 of the Finance Bill, 2015 proposes an amendment to section 114 of the Customs Act. It aims to replace clause (ii) to impose a penalty on dutiable goods, excluding prohibited ones, up to ten percent of the evaded duty or five thousand rupees, whichever is higher. If the duty and interest, as determined under section 28 and 28AA, are paid within thirty days from the communication of the order, the penalty is reduced to twenty-five percent of the determined penalty.
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