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TMI Blog2017 (11) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... oreign 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 - quant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... confiscation of the said foreign currency and Indian currency totaling to ₹ 39,29,317 and also proposing to impose penalty. 4. Appellant contested the show cause notice on merits. Adjudicating authority rejected the contentions and ordered for absolute confiscation of the foreign currency and Indian currency and also imposed penalty under section 114(i) and 114AA of Customs Act, 1962. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ign currency is in itself, not correct, needs to be set aside. The appellant has already explained and the purpose of how he was in possession of the said foreign currency. It is his further submission that the imposition of penalty under section 114 (aa) of the Customs Act, 1962 is unwarranted and is only in respect of in serious violation by the importer or exporter. He would rely upon the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dent 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. 8. I find that the reasoning adopted by the first appellate authority to set aside the absolute confiscation of foreign curren ..... X X X X Extracts X X X X X X X X Extracts X X X X
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