https://www.taxtmi.com/caselaws?id=114167 Foreign currency seized for violation of foreign exchange law may be released on redemption fine under Section 125 of the Customs Act, 1962, because that provision gives discretion to permit redemption instead of absolute confiscation where the circumstances justify it. The Tribunal relied on the retraction of the initial statement, the later statement, and contemporaneous letters to support redemption, and confirmed that the seized foreign currency could be released on payment of fine. The reduced penalty was not disturbed, as no sufficient reason was shown to interfere with the appellate authority's assessment on the facts. en-us Fri, 20 Nov 1998 00:00:00 +0530 Fri, 11 May 2012 17:56:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114167 Foreign currency seized for violation of foreign exchange law may be released on redemption fine under Section 125 of the Customs Act, 1962, because that provision gives discretion to permit redemption instead of absolute confiscation where the circumstances justify it. The Tribunal relied on the retraction of the initial statement, the later statement, and contemporaneous letters to support redemption, and confirmed that the seized foreign currency could be released on payment of fine. The reduced penalty was not disturbed, as no sufficient reason was shown to interfere with the appellate authority's assessment on the facts. Case-Laws Customs Fri, 20 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114167