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2009 (11) TMI 625 - GOVERNMENT OF INDIARevision Application - confiscation of the impugned goods with option to redeem the redemption fine and penalty - smuggling of diamonds, on the date of interception as well as for the previous occasions, and channelling sale proceeds through unofficial channels - Held that:- Applicant has stated that he has received the advance foreign remittances towards sale proceeds of the said goods from foreign buyer, he was in the business of export of diamonds and the present trip to abroad was in connection with promoting exports. There is also no duty involved in the exports. Govt. is of the opinion that the redemption fine and personal penalty appears harsh being on higher side. Therefore, Government reduces the redemption fine to Rs. 3.50 lakhs and personal penalty to Rs. 1.60 lakhs. Confiscation of Indian currency of Rs. 8500/- it is observed that the applicant was entitled to carry Indian Rs. 5000/- as per Regulation 3(a) of FEMA (Export and Import of Currency) Regulations, 2000 [No. GSR 389(E) FEMA 6/2000-RB, dated 3-5-2000]. Government therefore allow the release of Rs. 5000/- to the applicant. The remaining Indian currency of Rs. 3500/- is allowed to be redeemed on payment of redemption fine of Rs. 1000/- in lieu of confiscation under Section 125 of Customs Act, 1962, Revision Application is disposed off in term of above.
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