The appellant herein is an exporter and importer at Madras doing business under the name and style of “Crescent Traders.” During January, 1969, he exported 35 kgs. of birds’ nests 10 M/s. International Trading Company at Singapore. Sub-section (1) of section 12 of the Foreign Exchange Regulation Act, 1947 (hereinafter called the Act) states that for these exports, the party should file a declaration in Form G.R. 1 to the prescribed authority stating that the amount representing the full export value of the goods have either been paid or will be paid within the prescribed period in the prescribed manner. Such a declaration was filed by the appellant as per Exhibit P-5, and in it he stated that the value of the goods was Rs. 700 and that he was exporting the same as a feller. Exhibit P-8, the invoice for this consignment in favour of the International Trading Company at Singapore, also gave the same value. The buyer company opened a letter of credit as per Exhibit P-9 for this amount and the export was made as per the shipping bill Exhibit P-10. Even in this bill the aforesaid value was given. There was a search of the house of this appellant by P.W.1, the Chief Enforcement