2003 (12) TMI 138

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....an Currency of Rs. 84,000.00 (Rupees eighty-four thousand) on the ground that the appellant was exporting the same illegally. The Commissioned (Appeals) in his impugned Order has observed as under :- "2. The issues which arise for consideration (i) whether, Indian Currency amounting to Rs. 94,000/- shall be liable to absolute confiscation and (ii) whether the penalty imposed on the appellant wa....

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....nt not exceeding Rs. 5,000/- per person (emphasis supplied). These regulations which impose the ceiling in regard to export of Indian Currency/currency notes, do not allow any relaxation in regard to the prescribed ceiling. Any amount beyond the ceiling is liable to be considered as 'prohibited goods' as defined under Section 2(33) of the Customs Act, 1962. Possession of Indian Currency, in excess....

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.... to absolute confiscability of the currency. However, I find that an amount of Rs. 5,500/- had been imposed as penalty on the appellant. In the facts and circumstances of the case, I consider it just and proper that the penalty amount is reduced to only Rs. 1,000/- from Rs. 5,500/-." 2. The appellants' contention is that he was about a 66 years old person and his wife was 63 years old. Both wer....

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....hri Dey for the appellant and Shri J.R. Madhiam, learned J.D.R. for the Revenue, I find that the Tribunal in the above case has held that absolute confiscation of the Currency being taken by the appellant for genuine business purposes, was not justified and as such, the absolute confiscation was converted into an option to redeem the Currency in question. In the present case also, I find that the ....