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of <h1>Customs Act Update: New Prosecution Thresholds Set for Smuggling and Fraud; Rs. 50 Lakh for Baggage, Rs. 2 Crore for Fraud.</h1> The circular issued by the Central Board of Indirect Taxes & Customs revises the monetary thresholds for launching prosecutions under the Customs Act, 1962. For cases involving unauthorized importation in baggage or outright smuggling, the threshold is set at a market value of Rs. 50 lakh or more. In appraising cases or commercial frauds, including mis-declaration and fraudulent evasion of duty, the threshold is Rs. 2 crore or more. The circular also addresses non-declaration of foreign currency by foreign nationals and NRIs, advising against routine prosecution if the currency was legally acquired but not declared inadvertently. Previous guidelines are modified accordingly.
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