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Issues: Attempted export of foreign currency without declaration, confiscation of currency, imposition of personal penalty, mitigating circumstances, redemption fine
The judgment involves the issue of attempted export of foreign currency without declaration, leading to the confiscation of the currency and the imposition of a personal penalty. The appellant was intercepted at the Calcutta airport with a significant amount of US dollars not declared initially. The appellant, an NRI, provided explanations for carrying the currency, citing study expenses for family members and a lack of awareness about restrictions. The Commissioner confiscated the currency but acknowledged mitigating circumstances, such as the appellant's cooperation and background from a less informed region. The appellant argued that the non-declaration was due to a genuine belief that new economic policies allowed free movement of foreign exchange. The appellant highlighted previous cases where foreign currency was released on payment of a redemption fine. The Tribunal considered the Commissioner's observations on mitigating factors, including the appellant's cooperation and lack of concealment, and the appellant's long-standing NRI status. The Tribunal allowed redemption of the US dollars upon payment of a redemption fine equal to 50% of the currency's value in Indian rupees. However, the penalty of Rs. 10,000 imposed by the Commissioner was upheld. ---
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