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2010 (7) TMI 585 - CESTAT, KOLKATAConfiscation and penalty - Smuggling of the Bangladeshi currencies - The Appellants had not claimed the currency in question before the lower Authorities - Therefore, find merit in the contention of the Revenue that the confiscation of the foreign currencies is not under challenge - The Appellants, from whose possession, the foreign currencies were seized, made a detailed statement regarding their role of taking the Indian currencies to a specified place and in exchange, they received the Bangladeshi currencies, and they did this illegal act on commission basis - The statements were retracted after 8 to 9 months of the seizure - the Appellants were arrested and produced before the Magistrate after the seizure, and no question is raised regarding statement - IF the foreign currency does not exceed US $10,000.00 or its equivalent, the declaration is not necessary - In the present case, there is no evidence that the currencies in question had been brought into India by the Appellants or any other person, through Customs barriers. Held that: the Appellants, knew the smuggled nature of the Bangladeshi currencies - Therefore, find no merit in the Appeals. The Appeals are dismissed.
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