9911796707
TMI Blog2000 (3) TMI 86X X X X Extracts X X X X X X X X Extracts X X X X ..... ant claimed that he had sold a flat in Mumbai for Rs. 72 lakhs, that he had received compensation from a church of about Rs. 18.6 lakhs, that he had utilised part of such funds for purchase of assorted foreign exchange from one Mr. Raju whose name and telephone number were in the telephone diary and that he was carrying the said foreign exchange. Raju was not traced. Show cause notice was issued for confiscation of the currency and for imposition of penalty. In the reply to the show cause notice his statement was denied. It was stated that the appellant earned substantial amounts by way of retirement benefit and by way of commercial transactions while in Dubai. It was claimed that the amounts were given to other persons and those were recei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 998 in which a reference is made to a retraction letter. In the meanwhile on 20-5-1998 a supplementary statement was recorded in which he was to identify one Mansingh. There is nothing in the statement retracting the previously made statement. The learned counsel is unable to show us the retraction letter. In this situation we hold that the inculpatory statement made by the appellant on 10-5-1998 duly corroborated by the existence by cash in the bank locker is admissible. 4. Before the Commissioner and before us also it has been claimed that the appellant was in possession of substantial foreign exchange in the UAE and that part of this exchange was brought by him earlier which was being taken back. We find that in view of our finding as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yment of fine of about 35%. Although the Government of India's orders do not have a binding effect on the Tribunal, as we have observed above, a radically different point of view taken by the Tribunal on the issue of redemption of foreign exchange would create an awkward situation where for lesser amounts, redemption is offered by the Government and for larger amounts, it would be denied by the Tribunal. We therefore, while upholding the orders of confiscation, permit redemption of the foreign exchange on payment of fine in lieu of confiscation of Rs. 4,00,000/-. No reduction is warranted in the quantum of penalty. On redemption the appellants would be required to follow the requirements of law in possessing and/or dealing with or disposing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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