If goods laden on the commercial vehicle seized for illegal export. How much redemption fine as well as penalty to be imposed upon for provisional release under section 125 and 114 of the Customs Act 1962.please guide .
Penalty u/s 114
Sudhir Kumar
Clarification on Penalties and Redemption Fines under Sections 114 & 125 of Customs Act for Illegal Export Seizures. A query was raised regarding the penalties and redemption fines applicable under sections 114 and 125 of the Customs Act 1962 for goods seized during an illegal export attempt using a commercial vehicle. The response clarified that the penalty should not exceed the greater of the declared or determined value of the goods. The redemption fine is determined at the discretion of the concerned officer. (AI Summary)