https://www.taxtmi.com/acts?id=1124 Authorises the adjudicating officer to give the owner, or where the owner is not known the person from whose possession or custody the goods were seized, an option to pay a fine in lieu of confiscation. For prohibited goods the option is discretionary, while for other goods it is mandatory. The fine is capped by the market price of the goods, less the duty chargeable on imported goods, and in certain concluded proceedings concerning goods that are not prohibited or restricted no such fine may be imposed. The person concerned remains liable for duty and charges, and the option lapses if the fine is not paid within one hundred and twenty days unless an appeal is pending. en-us Sat, 19 Jan 2008 22:45:54 +0530 Fri, 19 Jun 2026 13:11:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=1124 Authorises the adjudicating officer to give the owner, or where the owner is not known the person from whose possession or custody the goods were seized, an option to pay a fine in lieu of confiscation. For prohibited goods the option is discretionary, while for other goods it is mandatory. The fine is capped by the market price of the goods, less the duty chargeable on imported goods, and in certain concluded proceedings concerning goods that are not prohibited or restricted no such fine may be imposed. The person concerned remains liable for duty and charges, and the option lapses if the fine is not paid within one hundred and twenty days unless an appeal is pending. Act-Rules Customs Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=1124