https://www.taxtmi.com/caselaws?id=107277 The court upheld the absolute confiscation of foreign currency amounting to US$ 30,060 and Naira 12,300 under the Customs Act, 1962. The appellant's arguments regarding non-declaration of currency, intent, and reliance on RBI provisions were dismissed. The court emphasized the mandatory requirement of declaring foreign currency upon arrival, the lack of justification for non-compliance, and the need for strict adherence to foreign exchange regulations to combat money laundering. The appeal was dismissed, highlighting the significance of deterrent measures in preventing illegal fund transfers and reinforcing compliance with currency declaration obligations. en-us Tue, 20 May 2003 00:00:00 +0530 Wed, 21 Mar 2012 12:15:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=107277 The court upheld the absolute confiscation of foreign currency amounting to US$ 30,060 and Naira 12,300 under the Customs Act, 1962. The appellant's arguments regarding non-declaration of currency, intent, and reliance on RBI provisions were dismissed. The court emphasized the mandatory requirement of declaring foreign currency upon arrival, the lack of justification for non-compliance, and the need for strict adherence to foreign exchange regulations to combat money laundering. The appeal was dismissed, highlighting the significance of deterrent measures in preventing illegal fund transfers and reinforcing compliance with currency declaration obligations. Case-Laws Customs Tue, 20 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=107277