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The case involved the clearance of hot dipped galvanized steel coils below the minimum import price set by DGFT. The Tribunal upheld the validity of the minimum import price notification u/s 3 of the FTDR Act. The appellant's argument that the notification was not applicable was rejected. The Tribunal emphasized that Customs must adhere to DGFT notifications. Citing a similar case, the Tribunal justified the imposition of a redemption fine. However, considering the unique circumstances, the redemption fine was reduced to Rs. 8,00,000. Appeal partially allowed.
The case involved the clearance of hot dipped galvanized steel coils below the minimum import price set by DGFT. The Tribunal upheld the validity of the minimum import price notification u/s 3 of the FTDR Act. The appellant's argument that the notification was not applicable was rejected. The Tribunal emphasized that Customs must adhere to DGFT notifications. Citing a similar case, the Tribunal justified the imposition of a redemption fine. However, considering the unique circumstances, the redemption fine was reduced to Rs. 8,00,000. Appeal partially allowed.
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TaxTMI 
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