03 September 2016
Mr.A boarded indian airlines flight from jaipur to dubai. He was foun to be carrying indian currency of 20lakhs(much beyond rbi limit of 25000). He admitted that Mr.V had given him the said currency with the direction to deliever it to Mr.C in dubai. The currency was confiscated. Option to redeem was granted to Mr.A but revenue objected to grant of such option on the ground that Mr.A, not being owner, cannot be granted such option.
Whether Mr.A shall be entitled to such grant??
03 September 2016
Dear Sighnirdesh As per Section 125 of the Indian Customs Act1962 Option to pay fine in lieu of confiscation. - (1) Whenever confiscation of any goods is authorised by this Act, the officer adjudging it may, in the case of any goods, the importation or exportation whereof is prohibited under this Act or under any other law for the time being in force, and shall, in the case of any other goods, give to the owner of the goods or, where such owner is not known, the person from whose possession or custody such goods have been seized, an option to pay in lieu of confiscation such fine as the said officer thinks fit .In your case the if the owner is known the option will be given to him else to the person from whose possession or custody such goods have been seized.
CAclubindia
