SOUTH INDIA COIR MILLS POOCHAKKAL vs THE ADDITIONAL COLLECTOR OF CUSTOMS AND CENTRAL EXCISE ANDA

The Supreme Court upheld the Collector of Customs' decision that the appellant contravened Section 12(1) of the Foreign Exchange Regulation Act, 1947, leading to the confiscation of goods under Section 113 of the Customs Act and a penalty under Section 114. The Court clarified that the prohibition under Section 12(1) becomes a prohibition under Section 11 of the Customs Act, which allows for such actions. However, the penalty was reduced from Rs. 25,000 to Rs. 15,000 due to the circumstances of the case.