Penalty u/s 114

[Sudhir Kumar]

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 .

[DR.MARIAPPAN GOVINDARAJAN]

Penalty is not exceeding the value of the goods, as declared by the exporter or the value as determined under this Act, whichever is the greater. The redemption fine is as decided by the officer concerned as he deems fit.

AI Summary

Customs penalty capped at the greater of declared or assessed goods value; redemption fine set at officer discretion. Penalty under section 114 is limited to an amount not exceeding the value of the goods, being the declared value or the value determined under the Act, whichever is greater. The redemption fine for provisional release under section 125 is discretionary and is fixed by the officer concerned as he deems fit.