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of <h1>Finance Act 2001 amends Section 114 of Customs Act, reducing penalties for customs violations to specified limits.</h1> Section 114 of the Customs Act has been amended by the Finance Act, 2001, altering the penalties related to customs violations. Clause (i) now specifies a penalty not exceeding the value of the goods or five thousand rupees, replacing the previous limit of five times the goods' value or one thousand rupees. Clause (ii) sets the penalty at not exceeding the duty sought to be evaded or five thousand rupees, instead of five times the duty or one thousand rupees. Clause (iii) limits the penalty to the amount of drawback claimed or five thousand rupees, replacing the prior limit of five times the drawback or one thousand rupees.
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