2.32.2B

Responsibility and Liability of PSIA and Importer

(a) In case of any mis-declaration in PSIC, PSIA would be liable to pay a penalty upto Rs. 10 Lakhs (if the agency is based in India) or up to US $20,000/- (if the agency is based in foreign country), in addition to suspension/ cancellation of recognition.

(b) The importer would also be responsible for import of any material in contravention of the declaration as required under Para 2.32.2 of HBP Vol.I and would be liable to pay penalty upto Rs. 10 Lakhs.