Redemption fine and penalty for non-declared foreign currency reduced, with balance sale proceeds ordered returned after deduction.

In cases of seizure and confiscation of foreign currency for non-declaration, the Tribunal found the original redemption fine and penalty excessive in light of comparable matters and the value involved, and reduced both amounts. Because the currency had already been sold and the proceeds realised in Indian currency, it directed return of the balance sale proceeds after deducting the revised fine and penalty.

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Issues: Whether the redemption fine and penalty imposed for failure to declare foreign currency were liable to be reduced, and whether the sale proceeds of the seized currency were liable to be returned after deduction of the reduced fine and penalty.

Analysis: The Tribunal noted that in similar cases involving seizure and confiscation of foreign currency for non-declaration, the amounts of fine and penalty had been reduced. Having regard to the value of the currency involved, it considered the original quantum excessive and revised both the redemption fine and the penalty downward. Since the seized foreign currency had already been sold and the proceeds realised in Indian currency, the request for return of the balance sale proceeds after deducting the reduced amounts was also accepted.

Conclusion: The redemption fine and penalty were reduced, and the appellant was entitled to return of the sale proceeds after deduction of the revised fine and penalty.

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