SECTION 114.

Any person who, in relation to any goods, does or omits to do any act which act or omission would render such goods liable to confiscation under section 113, or abets the doing or omission of such an act, shall be liable, -

(i) in the case of goods in respect of which any prohibition is in force under this Act or any other law for the time being in force, to a penalty not exceeding three times the value of the goods as declared by the exporter or the value as determined under this Act [OLD not exceeding the value of the goods or five thousand rupees,*] whichever is the greater;

(Bold Words substituted vide Finance Bill 2003)

(ii) in the case of dutiable goods, other than prohibited goods, to a penalty not exceeding the duty sought to be evaded or five thousand rupees,* whichever is the greater;

(iii) in the case of any other goods, to a penalty not exceeding the value of the goods, as declared by the exporter or the value as determined under this Act, whichever is the greater.

(Clause (iii) substituted vide Finance Bill 2003)

[OLD (iii) in the case of goods under claim for drawback, to a penalty not exceeding the amount of drawback claimed or five thousand rupees,* whichever is the greater.]


(* Clause (i), (ii) and (iii) are substituted wef 01/03/2001)