2014 (4) TMI 233

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..... currency of ₹ 24,17,500/- was found with the appellant which was not declared or not permitted by RBI for export - Thus, the proceedings were initiated against the appellant and the Indian currency was absolutely confiscated and penalty of ₹ 2 lakhs was imposed – In presence of two contrary decisions the matter was referred to the Larger Bench to decide the issue. - Appeal No.C/65/200 .....

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..... cy was absolutely confiscated and penalty of Rs.2 lakhs was imposed. Aggrieved from the said order, the appellant is before me. 3. The ld. counsel or the appellant relies on the case of Amanulah Abul Hassan 2009 (247) ELT 331 (Tri-Chennai) and submits that in that case also Indian currency to the tune of Rs.50 lakhs was found to be attempted to illegally exported by the appellant wherein this T .....

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..... to refer the matter to the Larger Bench to decide the following issue. In case a person attempted to export Indian currency outside India without permission of RBI more than Rs.5000/-, in that case whether absolute confiscation is correct or Indian currency can be redeemed by imposition of Redemption Fine and penalty. 6. Registry is directed to place the file before the Hon'ble Presiden .....

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