https://www.taxtmi.com/caselaws?id=45793 A truthful export declaration stating the full export value was required under the Foreign Exchange Regulation Act, 1947; deliberate undervaluation meant the statutory export condition was not met and customs penalty proceedings remained available. The commentary also states that the Central Government notification and the Foreign Exchange Regulation Rules, 1952 were within the rule-making and prohibitory power conferred by the statute, while Section 12(2) did not apply because the sale had already been completed before export. It further notes that later repeal of the Sea Customs Act, 1878 and amendment of the foreign exchange law did not extinguish liability for past contraventions or bar pending proceedings. en-us Thu, 01 Sep 1966 00:00:00 +0530 Tue, 13 Jul 2010 18:12:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=45793 A truthful export declaration stating the full export value was required under the Foreign Exchange Regulation Act, 1947; deliberate undervaluation meant the statutory export condition was not met and customs penalty proceedings remained available. The commentary also states that the Central Government notification and the Foreign Exchange Regulation Rules, 1952 were within the rule-making and prohibitory power conferred by the statute, while Section 12(2) did not apply because the sale had already been completed before export. It further notes that later repeal of the Sea Customs Act, 1878 and amendment of the foreign exchange law did not extinguish liability for past contraventions or bar pending proceedings. Case-Laws Customs Thu, 01 Sep 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=45793