Jurisdiction of Settlement Commission limited where duty liability was disclosed; cannot settle export obligation defaults or waive interest. Settlement Commission jurisdiction is confined to cases involving failure to make a full and true disclosure of duty liability to the proper officer. Under Advance Licence and EPCG schemes licence holders acknowledge differential customs duty and interest on default via bond/bank guarantee at import; hence defaults in export obligation are not undisclosed liabilities. Consequently, the Commission lacks authority to entertain settlement or waive interest where duty liability was declared and secured at import.