https://www.taxtmi.com/caselaws?id=401629 Foreign currency attempted to be exported from India without Reserve Bank permission was treated as goods for customs purposes, so the Tribunal found the appeals maintainable. Applying Rule 5 of the Foreign Exchange Management (Export & Import of Currency) Regulations, 2000, it held the seized currency liable to confiscation because authorised procurement of the entire amount was not proved and RBI permission had not been obtained. However, it also applied the Customs Act's redemption mechanism and found absolute confiscation unnecessary on the facts, where the currency was said to be for business use and no clear mala fides were shown. Redemption fine was allowed and the penalties were substantially reduced. en-us Fri, 11 Dec 2020 00:00:00 +0530 Tue, 05 Nov 2024 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401629 Foreign currency attempted to be exported from India without Reserve Bank permission was treated as goods for customs purposes, so the Tribunal found the appeals maintainable. Applying Rule 5 of the Foreign Exchange Management (Export & Import of Currency) Regulations, 2000, it held the seized currency liable to confiscation because authorised procurement of the entire amount was not proved and RBI permission had not been obtained. However, it also applied the Customs Act's redemption mechanism and found absolute confiscation unnecessary on the facts, where the currency was said to be for business use and no clear mala fides were shown. Redemption fine was allowed and the penalties were substantially reduced. Case-Laws Customs Fri, 11 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401629