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1991 (11) TMI 80 - SC - CustomsWhether the `industrial coconut oil' was a canalised item and the appellants were not entitled to import the same? Held that:- the appellants were not entitled to import the `industrial coconut oil' under OGL as the Import Policy of 1980-81 had been amended with effect from 3-4-1981. Any import of `industrial coconut oil' made by any importer would be illegal as under the Import Policy only the STC had authority to import the canalised item. The respondent-authorities were therefore, justified in confiscating the goods imported by the appellants and giving option to the appellants to retrieve the goods on payment of redemption fine. We allow the appeals, set aside the order of the Appellate Tribunal and direct that the appellants shall pay redemption fine to the extent of 35 per cent of ₹ 5 crores which amount has been determined as the redemption fine by the authorities. If the appellants have paid any excess amount the same shall be refunded to them within six weeks, in default the appellants will be entitled to interest at the rate of 15 per cent per annum from the date of this order.
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