https://www.taxtmi.com/caselaws?id=753702 CESTAT Bangalore upheld confiscation of 530 MT hot dipped galvanized steel coils valued USD 515-540/MT for non-compliance with minimum import price (MIP) requirements. The appellant imported goods below MIP without required letter of credit exemption. CESTAT confirmed DGFT's authority under Section 3 FTDR Act to impose MIP restrictions and held Customs bound by such notifications. Despite appellant's plea of unusual circumstances, confiscation was justified. However, considering unforeseen circumstances, redemption fine was reduced to Rs. 8,00,000. Appeal allowed in part. en-us Wed, 10 Apr 2024 00:00:00 +0530 Fri, 07 Jun 2024 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753702 CESTAT Bangalore upheld confiscation of 530 MT hot dipped galvanized steel coils valued USD 515-540/MT for non-compliance with minimum import price (MIP) requirements. The appellant imported goods below MIP without required letter of credit exemption. CESTAT confirmed DGFT's authority under Section 3 FTDR Act to impose MIP restrictions and held Customs bound by such notifications. Despite appellant's plea of unusual circumstances, confiscation was justified. However, considering unforeseen circumstances, redemption fine was reduced to Rs. 8,00,000. Appeal allowed in part. Case-Laws Customs Wed, 10 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753702