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2019 (12) TMI 298 - BOMBAY HIGH COURTImposition of penalty - failure to make declaration of currency - Applicability of provisions of Customs Act, 1962 or provisions of Foreign Exchange Management Act, 1999? - the Appellant had pleaded that he was advised by the Bank of England that there was absolutely no restriction to carry currency into India - HELD THAT:- The Appellant, in the present case, had carried currency of about 8,000 GBP in cash and an amount of GBP 60,000 by way of traverller's cheques. From this, it is clear that the bulk of the amount which the Appellant attempted to be imported, was in the form of traveller's cheques. The reason as to why the Appellant required such an amount is not so relevant. The Appellant has stated that he wished to purchase some immovable property in India - This is a case of default on the part of the Appellant in not declaring this in the CDF. However, there is nothing on record to conclude that the action of the Appellant was ex facie mala fide or intended to deliberately evade the legal provisions which were attracted. However, the redemption fine and the penalty imposed upon the Appellant is excessive - Rather than remanding the matter at this stage to the Appropriate Authorities for redetermination of the redemption fine and the penalty, upon taking into consideration the facts and circumstances cumulatively, we find that the redemption fine of ₹ 2,00,000/- and the penalty of ₹ 1,00,000/- would be appropriate in this matter. Quantum of redemption fine and penalty reduced - appeal allowed in part.
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