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TMI Blog2003 (12) TMI 138X X X X Extracts X X X X X X X X Extracts X X X X ..... ) on the ground that the appellant was exporting the same illegally. The Commissioned (Appeals) in his impugned Order has observed as under :- "2. The issues which arise for consideration (i) whether, Indian Currency amounting to Rs. 94,000/- shall be liable to absolute confiscation and (ii) whether the penalty imposed on the appellant warranted any reduction. The lower authority in the impugned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ). These regulations which impose the ceiling in regard to export of Indian Currency/currency notes, do not allow any relaxation in regard to the prescribed ceiling. Any amount beyond the ceiling is liable to be considered as 'prohibited goods' as defined under Section 2(33) of the Customs Act, 1962. Possession of Indian Currency, in excess than the prescribed limit, would constitute an attempt to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd that an amount of Rs. 5,500/- had been imposed as penalty on the appellant. In the facts and circumstances of the case, I consider it just and proper that the penalty amount is reduced to only Rs. 1,000/- from Rs. 5,500/-." 2. The appellants' contention is that he was about a 66 years old person and his wife was 63 years old. Both were Pensioners and were carrying the said savings for the for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .R. for the Revenue, I find that the Tribunal in the above case has held that absolute confiscation of the Currency being taken by the appellant for genuine business purposes, was not justified and as such, the absolute confiscation was converted into an option to redeem the Currency in question. In the present case also, I find that the Additional Commissioner of Customs has given a finding that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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