Use of false and incorrect material to be penalized [Section 114AA] :

Section 114AA lays down that if a person knowingly or intentionally:-

•  makes,
•  signs or uses, or
•  causes to be made,
•  signed or used,

any declaration, statement or document which is false or incorrect in any material particular, in the transaction of any business for the purposes of the Customs Act, shall be liable to a penalty.

Maximum penalty: Penalty shall not exceed 5 times the value of goods.