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of <h1>Penalty Limits Raised Under Section 114 of Customs Act: Changes Affect Export Goods Valuation and Penalties.</h1> Section 114 of the Customs Act has been amended by the Finance Act, 2003. The amendment modifies clause (i) to increase the penalty limit to not exceed three times the value of the goods as declared by the exporter or as determined under the Act. Additionally, clause (iii) is replaced to impose a penalty for other goods not exceeding the greater of the declared value by the exporter or the value determined under the Act.
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