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of <h1>Section 114AB: Penalties for Fraudulently Obtaining Instruments Under Customs Act, 1962, Effective Since August 2019</h1> Section 114AB of the Customs Act, 1962, addresses penalties for obtaining instruments through fraudulent means, including fraud, collusion, willful misstatement, or suppression of facts. If such an instrument is used to discharge duty, the person to whom it was issued is liable for a penalty up to the instrument's face value. The term 'instrument' is defined as per Explanation 1 to Section 28AAA. This provision was introduced by the Finance (No. 2) Act, 2019, effective from August 1, 2019.
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