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2011 (3) TMI 1284 - KARNATAKA HIGH COURTPenalty - Confiscation - contention urged by appellant is that the maximum penalty that could be imposed under Section 13 of the Act cannot exceed Rs. 2,00,000/- and once any penalty is imposed, question of further confiscating the currency involved in contravention of Section 3(a) of the Act is not permissible in law - Held that:- It is open to the Adjudicating Authority to impose any penalty as provided under sub-Section (1) as well as directing confiscation of currency/security/money or property in respect of which the contravention has taken place - Deputy Director was not right in exercising his discretion in ordering release of the seized foreign currency. It is relevant to state that possession of the foreign currency of US $ 20,000 by the appellant was admittedly illegal; he had not traced his possession of the foreign currency to any legitimate source of acquisition - no legal infirmity in the impugned order passed by the Appellate Tribunal to warrant interference - Appeal is dismissed
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