https://www.taxtmi.com/caselaws?id=105871 Foreign currency lawfully acquired in substantial part may still be liable to confiscation where its carriage constitutes a technical breach of customs law and section 8 of the Foreign Exchange Regulation Act, 1973, even if the facts do not show deliberate concealment for illicit export. On the same reasoning, the article notes that redemption fine and personal penalties should reflect the limited nature of the contravention, leading to reduction of the fines on the company and one appellant, setting aside the director's penalty, and treating the separate claim for U.S. $55 as already included in the confiscated amount. en-us Mon, 11 Jan 1999 00:00:00 +0530 Sat, 10 Mar 2012 12:37:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105871 Foreign currency lawfully acquired in substantial part may still be liable to confiscation where its carriage constitutes a technical breach of customs law and section 8 of the Foreign Exchange Regulation Act, 1973, even if the facts do not show deliberate concealment for illicit export. On the same reasoning, the article notes that redemption fine and personal penalties should reflect the limited nature of the contravention, leading to reduction of the fines on the company and one appellant, setting aside the director's penalty, and treating the separate claim for U.S. $55 as already included in the confiscated amount. Case-Laws Customs Mon, 11 Jan 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105871