https://www.taxtmi.com/caselaws?id=46500 An export declaration under amended Section 12(1) of the Foreign Exchange Regulation Act was required to contain not only a true statement in material particulars but also the prescribed affirmation that the full export value would be received in the manner required by law. Absence of that affirmation constituted non-compliance with the statutory condition for export. Where export was attempted in breach of that prohibition, the Customs Act treated the goods as liable to confiscation and the person concerned as liable to penalty through the cross-reference in the foreign exchange law. The discussion also notes that penalty may be moderated where the circumstances justify reduction. en-us Thu, 25 Mar 1976 00:00:00 +0530 Tue, 05 Aug 2014 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=46500 An export declaration under amended Section 12(1) of the Foreign Exchange Regulation Act was required to contain not only a true statement in material particulars but also the prescribed affirmation that the full export value would be received in the manner required by law. Absence of that affirmation constituted non-compliance with the statutory condition for export. Where export was attempted in breach of that prohibition, the Customs Act treated the goods as liable to confiscation and the person concerned as liable to penalty through the cross-reference in the foreign exchange law. The discussion also notes that penalty may be moderated where the circumstances justify reduction. Case-Laws Customs Thu, 25 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=46500