2014 (4) TMI 196

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....was found crossing Indian Boarder of Nepal on 25.2.2010 with Indian currency notes of Rs.500/- denomination and Rs.1000/- denomination, totally amounting to Rs.2,73,000/-. Inasmuch as the export of currency notes of Rs.500/- denominations and Rs.1000/- denominations are not allowed in terms of provisions of clause 8(i) of Foreign Exchange Management Act (Export and import of currency) Regulation, 2000 issued by RBI under notification No. FEMA 6/2000-RB dated 3.5.2000, the same were seized by the officers. 3. In his statement recorded on the spot, Shri Hari Singh deposed that he was a labourer working with Shri Khima Nand Sharma, for the last 10 years and was collecting resin from the forest. The said currency was given to him by Shri Khima....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... As such, by referring to various decisions, he prays for release of Indian currency, on reasonable redemption fine, as also for setting aside / reduction in penalties. 7. Learned DR appearing for the Revenue submits that inasmuch as the appellant admitted the offence, the authorities below were justified in confiscating the Indian currency and imposition of penalties. He accordingly prays for rejecting the appeals. 8. After carefully considering the submissions made by both the sides, I find that offence is not being contested by the appellants. However, they pray that instead of absolute confiscating the Indian currency, the same should be converted into an option for redeeming the same on payment of redemption fine. I find that Tribun....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ai - 2008 (221) E.L.T. 258 (Tri.-Chennai), the absolute confiscation was held to be not justified and converted into an option to release the same on payment of redemption fine. To the similar effect is the Tribunal's decision in case of Felix Dores Fernandes v. CC (ACC), Mumbai - 2000 (118) E.L.T. 639. The other decisions relied upon by the appellant are also the similar effect. 8. In view of the above, I hold that the absolute confiscation of Indian currency of Rs. 7 lakhs was not warranted. The redemption fine imposed by the Tribunal in all the above cases ranges from 10% to 20%. Accordingly, I modify the impugned order and allow the appellant to redeem the Indian currency of Rs. 7 lakhs on payment of redemption fine of Rs. 1.50 lakhs (....