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2018 (11) TMI 534 - CGOVT - CustomsRevision application - absolute confiscation of Foreign currency - the revision application has been filed mainly on the ground that the Commissioner (Appeals) has erred by allowing the redemption of the absolutely confiscated foreign currency which are prohibited goods. Held that:- The Commissioner (Appeals) has noted in his order that the foreign currencies in this case had been arranged by the respondent by selling his two properties in Delhi. But this fact alone cannot attenuate the gravity of the offence committed by the respondent by not only procuring the foreign currencies from illegal resources in brazen violation of FEMA and various other laws in force but also by attempting to export the foreign currencies to a foreign country in contravention of Section 77 of the Customs Act, 1962. The Commissioner (Appeals) has overlooked these relevant facts while imposing redemption fine and reducing the penalty from ₹ 13 Lakhs to ₹ 2 Lakhs. The government considers that it would be just and proper if the confiscated foreign currencies are allowed to the respondent on payment of redemption fine of ₹ 7 Lakhs and personal penalty of ₹ 5 Lakhs - the revision application filed by the revenue is allowed.
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