Import of low quality rough diamonds - prohibited goods - the ...

Confiscation of Over-Valued Rough Diamonds Upheld to Prevent Undue Repatriation of Foreign Currency.

August 19, 2013

Case Laws Customs AT

Import of low quality rough diamonds - prohibited goods - the extent of over-valuation which if allowed would have resulted in repatriation of foreign currency itself would show that this was a case where no lenient view was called for - Therefore the decision to absolutely confiscate the rough diamonds under seizure had to be upheld - AT

View Source

← Previous Next →

Import of low quality rough diamonds - prohibited goods - the ...

Confiscation of Over-Valued Rough Diamonds Upheld to Prevent Undue Repatriation of Foreign Currency.

August 19, 2013

Case Laws Customs AT

You may also like:

Repatriation of Money otherwise than through an authorized person – Appellant acquired the foreign currency by selling his property in Iran - confiscation upheld - HC

This case deals with the valuation of 'rough diamonds' imported into India and the subsequent discrepancy between the declared value and the reassessed value by customs...

Smuggling - Absolute confiscation of foreign currency seized from the Appellant u/s 113(d),(e) & (h) of the Customs Act - The Tribunal found that there was only a venial...

Exchange Earner's Foreign Currency (EEFC) Account, Diamond Dollar Account (DDA) & Resident Foreign Currency (RFC) Account - Review of Guidelines - Circular

RBI amended Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 to allow resident exporters to open, hold and...

Permission for re-export of imported diamonds on paying the penalty and redemption fine - Import of rough diamonds without KP (Kimberly Process) certificate - The...

DRI busted Foreign Currency Smuggling Racket involving Foreign Nationals; Foreign Currencies worth ₹ 6.14 crore seized

Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction...

Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2019

The appellant's premises were searched, leading to the seizure of substantial amounts of foreign currencies and Indian currency. The appellant initially claimed the...

Penalty - Confiscation of foriegn currency - carrying currency in excess of prescribed limit - penalty reduced - AT

The case pertains to the import of restricted goods, specifically marbles and mosaics, under the Import Policy at a value lower than the Minimum Import Price notified by...

Confiscation of the currency seized - validity of order for release on payment of redemption fine - The High court found that the seizure and confiscation of foreign...

Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 - Opening of Foreign Currency Accounts by Re-insurance and...

Rejection of declared transaction value under Valuation Rule 12, re-determination of value under Valuation Rules 4-9. Commissioner followed Rule 9, adopted actual values...

Quick Updates: