https://www.taxtmi.com/caselaws?id=241375 Indian currency intended for export beyond the permitted limit without Reserve Bank permission constitutes prohibited goods under the Customs Act and is liable to absolute confiscation. The currency exceeded the limit prescribed under the RBI notification issued under the Foreign Exchange Management Act, bringing it within the scope of confiscation for attempted improper export. Although the illegal export attempt warranted a penalty, the penalty was moderated as excessive in the circumstances after absolute confiscation of the currency. The confiscation was sustained, while the monetary penalty was substantially reduced. en-us Wed, 22 Feb 2012 00:00:00 +0530 Mon, 23 Dec 2013 10:04:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241375 Indian currency intended for export beyond the permitted limit without Reserve Bank permission constitutes prohibited goods under the Customs Act and is liable to absolute confiscation. The currency exceeded the limit prescribed under the RBI notification issued under the Foreign Exchange Management Act, bringing it within the scope of confiscation for attempted improper export. Although the illegal export attempt warranted a penalty, the penalty was moderated as excessive in the circumstances after absolute confiscation of the currency. The confiscation was sustained, while the monetary penalty was substantially reduced. Case-Laws Customs Wed, 22 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241375