TaxTMI 
TaxTMI 
2019 (12) TMI 298
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.... the case or as to whether the provisions of Foreign Exchange Management Act, 1999 are applicable in respect of the penalty imposed on the appellant ? (2) Whether the authorities concerned validly imposed penalty on appellant in the facts of the case ? 3. Mr. Pangam, learned Counsel for the Appellant submits that the arrival card which was handed over to the Appellant upon his arrival in India, made no reference to declaration of currency. He submits that such a requirement was introduced by Notification of 24th February, 2011. Accordingly, he submits that the Appellant cannot be faulted for failure to declare currency amount which he was carrying. 4. Mr. Pangam, without prejudice to the aforesaid, submits that there is absol....
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....nts out that bonafides are quite writ large in the present matter, because the Appellant went by the advice by Bank of England. He submits that the Appellant was carrying traveller's cheques and, therefore, believed that there was no requirement of any declaration under the Customs Act. For all these reasons, Mr. Pangam submits that the fines and the penalties are required to be substantially reduced. 7. Ms. Dessai, learned Counsel for the Respondent defends the impugned orders on the basis of the reasoning reflected therein. She points out that the Tribunal has already reduced the fines and the penalties imposed upon the Appellant. She pointed out that the Appellant had failed to produce proper documentation in respect of the foreig....
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....eed US$ 5,000 or its equivalent. The format of the CDF is annexed to the regulation and there is really no ambiguity in such format. The regulation itself provides that the declaration in the CDF has to be made to the Custom authorities. The form also contemplates the stamp and the signature of the Customs Officer. 10. At this stage, it is not possible to accept the Appellant's case that the Appellant was required to fill in some form which had no reference to the declaration of currency. Such a complaint was not even made by the Appellant in response to the show cause notice issued to him. In any case, the Regulations referred to above are quite clear and that such declarations have to be made in the CDF. Accordingly, we are unable ....
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....ng such declaration as was required under law. In these circumstances, there was violation of Section 77 of the Customs Act, 1962. 13. Finally, we come to the issue of redemption fine and the penalty. Mr. Pangam has referred to certain decisions of the CESTAT where, in similar circumstances, fines and penalties were imposed, but the same were not as excessive as are to be found in the present case. No doubt, such decisions turn on their own peculiar facts and, therefore, cannot be read as any precedents, at least before this Court. 14. However, in the peculiar facts of the present case, we find that the Appellant had pleaded that he was advised by the Bank of England that there was absolutely no restriction to carry currency into Indi....