JUDGMENT

M.S. Sonak, J. - Heard Mr. V. Pangam for the Appellant and Ms. Asha Dessai for the Respondent.

2. This Appeal was admitted on 12th January, 2010 on the following issues :

(1) Whether the provisions of Customs Act, 1962 are applicable in the facts of the case or as to whether the provisions of Foreign Exchange Management Act, 1999 are applicable in respect of the penalty imposed on the appellant ?

(2) Whether the authorities concerned validly imposed penalty on appellant in the facts of the case ?

3. Mr. Pangam, learned Counsel for the Appellant submits that the arrival card which was handed over to the Appellant upon his arrival in India, made no reference to declaration of currency. He submits that such a requirement was introduced by Notification of 24th February, 2011. Accordingly, he submits that the Appellant cannot be faulted for failure to declare currency amount which he was carrying.

4. Mr. Pangam, without prejudice to the aforesaid, submits that there is absolutely no prohibition or bar to bring in foreign currency in India. He, therefore, submits that there was no breach of the Customs Act, 1962. He submits that if at all there was any breach of the Foreign Excha