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2017 (11) TMI 102 - AT - CustomsAbsolute Confiscation of Foreign Currency and Indian Currency - Baggage Rules - case of appellant is that he is carrying the amount for medical treatment - Held that: - appellant requires this currency for the purpose of treatment on relying upon circular No.5/2002/09 dated 01.07.2008, issued by foreign currency department - RBI held that the appellant being resident individual, can utilize unspent foreign currencies under his possession. Mere non-declaration does not mean absolute confiscation. Coming to such a conclusion, he held that the currencies needs to be confiscated but to be released on payment of redemption fine. Currency to be released on payment of Redemption fine - quantum of redemption fine and penalty reduced - appeal allowed in part.
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