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Issues involved: Seizure of undeclared foreign currency, inculpatory statement, existence of cash in bank locker, admissibility of evidence, redemption of foreign exchange.
Seizure of undeclared foreign currency: The appellant was found with a significant amount of foreign exchange equivalent to Rs. 10,06,615 during a search of his baggage before departure to Dubai. He claimed to have acquired this currency from selling a flat and receiving compensation, but failed to declare it on importation or while leaving India. The Commissioner ordered confiscation of the currency and imposed a penalty of Rs. 1,00,000 on the appellant. Inculpatory statement and admissibility of evidence: The appellant made an inculpatory statement on 10-5-1998 admitting that the currency was acquired illegally. Despite claims of retraction, the statement was not officially retracted within a reasonable time. The existence of cash in a bank locker as mentioned in the statement further supported its validity. The statement was considered admissible as evidence. Existence of cash in bank locker: The appellant's statement referred to a bank locker containing cash, among other items. Subsequent search confirmed the presence of the cash, reinforcing the credibility of the original statement and indicating the illegal acquisition of funds. Redemption of foreign exchange: The appellant sought redemption of the confiscated foreign exchange based on precedents where similar cases were allowed redemption by the Government of India. While the Tribunal upheld the confiscation orders, it permitted redemption on payment of a fine of Rs. 4,00,000 in lieu of confiscation. The Tribunal emphasized the need for compliance with legal requirements when possessing or dealing with the redeemed currency.
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