AI Overview...
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Foreign Currency Release - Multiple court decisions and legal provisions address the release of seized foreign currency, often involving customs, criminal procedures, and foreign exchange regulations. Courts have generally emphasized the importance of procedural compliance, proper valuation, and legal authority before releasing currency. For instance, the court in RAJESH vs STATE OF KERALA - Kerala allowed the release of foreign currency and ATM cards after interpreting relevant Cr.PC provisions, highlighting the court's authority to order release of seized assets. Similarly, in OGULJEREN HAJYYEVA vs COMMISSIONER OF CUSTOMS - Delhi, the court directed the release of foreign currency after the petitioner complied with legal requirements, including paying fines and penalties.
RAJESH vs STATE OF KERALA - Kerala, OGULJEREN HAJYYEVA vs COMMISSIONER OF CUSTOMS - Delhi -
Legal Framework and Procedures - The Foreign Exchange Management Act (FEMA), Customs Act, and Criminal Procedure Code govern the seizure and release of foreign currency. Sections like 130, 132, 135(1)(a), and 451 of Cr.PC are frequently cited, emphasizing the need for proper legal procedures, investigation, and adherence to valuation and penalty rules before releasing seized currency. Courts have upheld the confiscation in cases where procedural lapses occurred but have also ordered release when conditions are met, such as payment of penalties (Commissioner of Customs VS Pankaj Kishore Jhunjhunwala - Bombay, MOHAMMED AJMAL (MAJOR) VS ASSISTANT DIRECTOR ENFORCEMENT DIRECTORATE - Karnataka).
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Confiscation and Penalties - Several cases involve confiscation of foreign currency under customs and foreign exchange laws, with courts upholding confiscation when violations are established, such as illegal possession or attempted smuggling (Commissioner of Customs VS Pankaj Kishore Jhunjhunwala - Bombay, S. Bhaskar VS Enforcement Directorate Foreign Exchange Management Act Rep. by the Dy. Director, Bangalore - Karnataka). Penalties are often imposed, and the release of currency is contingent upon the payment of fines, as seen in S. Bhaskar VS Enforcement Directorate Foreign Exchange Management Act Rep. by the Dy. Director, Bangalore - Karnataka, where the currency was released after penalty adjustment.
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Appeals and Disputes - Petitions challenging seizure and seeking release are common. Appellate authorities and courts scrutinize whether the seized currency qualifies as prohibited goods or if procedural requirements are fulfilled. For example, in PREM KUMAR VS CUSTOMS - Delhi, the appellate authority found that the seized foreign currency was not prohibited and could be released.
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Specific Cases of Release - Courts have ordered the release of foreign currency upon fulfillment of conditions such as payment of penalties, proper documentation, and compliance with legal provisions (RAJESH vs STATE OF KERALA - Kerala, OGULJEREN HAJYYEVA vs COMMISSIONER OF CUSTOMS - Delhi, Oil & Natural Gas Corporation Ltd VS Essar Steel Ltd - Bombay). In some instances, the courts have also directed the return of currency from lockers or bank accounts after investigation.
Analysis and Conclusion - The release of foreign currency seized by authorities hinges on adherence to legal procedures, investigation outcomes, and compliance with penalties or fines. Courts tend to favor release when the petitioner demonstrates lawful possession, payment of dues, or procedural lapses by authorities. The overarching principle is balancing enforcement with lawful rights, ensuring that confiscation and release are conducted within the bounds of law.
References: RAJESH vs STATE OF KERALA - Kerala, Abdul Hakim VS State by Superintendent of Customs - Crimes, Commissioner of Customs VS Pankaj Kishore Jhunjhunwala - Bombay, PREM KUMAR VS CUSTOMS - Delhi, S. Bhaskar VS Enforcement Directorate Foreign Exchange Management Act Rep. by the Dy. Director, Bangalore - Karnataka, SUDHIR KUMAR DHINGRA VS UNION OF INDIA - Delhi, MOHAMMED AJMAL (MAJOR) VS ASSISTANT DIRECTOR ENFORCEMENT DIRECTORATE - Karnataka, Narendra Dejoo Shetty VS Saumyalata Shyama Shetty - Bombay, Oil & Natural Gas Corporation Ltd VS Essar Steel Ltd - Bombay, OGULJEREN HAJYYEVA vs COMMISSIONER OF CUSTOMS - Delhi
Search Results for "Foreign Currency Release"
2024 Supreme(Online)(KER) 32318 • India - High Court of Kerala
BECHU KURIAN THOMAS, J
Final Decision: The court allowed the petition, directing the release of the foreign currency and ATM card. ... He sought the release of these items, particularly the foreign currency and an ATM card, which the Magistrate partially denied. ... Currency - Criminal Procedure - Cr.PC Section 451 - The court interpreted Section 451 of the Cr.PC regarding the release of seized ... Possession of the foreign currency to....
• India - Crimes
M.KARPAGAVINAYAGAM
currency to co-accused - Petitioner's release on anticipatory bail would hamper investigation - Custodial interrogation might likely ... unearth the sources from which petitioner collected foreign currency Petitioner held not entitled to anticipatory bail. ... Criminal Procedure Code, 1973- Section 438 - Anticipatory bail Co-accused arrested while attempting to smuggle foreign currencies
2014 0 Supreme(Bom) 1317 • India - Bombay
S.C.DHARMADHIKARI, B.P.COLABAWALLA
Customs - Confiscation of Foreign Currency - Customs Act 1962 - Section 130 - USD 70,000, USD 3,50,000 - The court dismissed the ... ... The Commissioner of Customs also upheld the confiscation of USD 3,50,000 and imposed penalty for the previous visits amounting to Rs.15,00,000/- each on Respondent Nos.1 to 3 and ordered release of foreign currency seized from the premises of Respondent No.4 by adjusting the same ... ... (d) Adjustment of foreign currency seized fr....
2016 0 Supreme(Del) 691 • India - Delhi
SURESH KAIT
Issues: The issues involved were whether the seized foreign currency is prohibited goods and whether it can be released on ... Customs Act - Foreign Currency - Section 132, 135 (1) (a) - 113 (d)(e) & (h), 119, 118 (b), 114(1), 125 - Regulation 5 of Foreign ... The petitioner challenged the impugned order in Appeal, and the appellate authority opined that the seized foreign currency is not ... foreign currency duri....
2011 0 Supreme(Kar) 200 • India - Karnataka
N.K.PATIL, H.G.RAMESH
currency after adjusting the penalty. ... currency after adjusting the penalty. ... Foreign Exchange Management Act - Illegal Possession - Section 3(a), Section 13(1), Section 13(2) Fact of the Case: ... On the facts of the case, the Deputy Director was not right in exercising his discretion in ordering release of the seized foreign currency. ... It is relevant to state that possession of the foreign currency of US Dollar 20,000/- by the appellant w....
1997 0 Supreme(Del) 818 • India - Delhi
MANMOHAN SARIN
Fact of the Case: Petitioner's residential and business premises were raided and Indian and foreign currency, goods ... The department appealed to CEGAT, which declined the stay of the order insofar as the release of cheques, pay orders, foreign exchange ... , and the Indian currency were concerned. ... Rs. 15 lacs in Indian currency and goods of foreign origin as Well as foreign currency. Bank drafts and cheques totalling approxi....
1995 0 Supreme(Kar) 624 • India - Karnataka
R.V.RAVEENDRAN
currency of Rs. 5,55,000/- under the Foreign Exchange Regulation Act, 1973, and its compliance with Section 38. ... Regulation Act, 1973, and sought its release. ... Fact of the Case: The petitioner challenged the seizure of Indian currency of Rs. 5,55,000/- under the Foreign Exchange ... He also seek a direction to respondents 1 and 2 to release and deliver bank to the petitioner the said currency of Rs. 5,55,000/- seized under mahazar dated 4-4-1989, on the ground....
2020 0 Supreme(Bom) 469 • India - Bombay
BHARATI H.DANGRE
She also made a prayer in relation to Locker No. 209 in Vijaya Bank, Goregaon Branch, Mumbai and sought direction to release and return the foreign currency notes and two share certificates seized from the said locker. ... The third locker that was involved was Locker No. 209 which contained foreign currency. The inventory of the contents of both the lockers was prepared and the properties contained therein were seized by the Investigating Agency during investigation of the offence. ... However, as far ....
2001 0 Supreme(Bom) 456 • India - Bombay
B.N.SRIKRISHNA, S.A.BOBDE
of foreign currency." ... Once again, in the letter dated October 13, 1986, the respondent requested for release of foreign currency with firm letter of intent since it had been stipulated that payment would be released after the contract was signed. ... foreign exchange by issuing appropriate certificates addressed to the Reserve Bank of India for release of foreign exchange. ... ... We now await urgently firm work order with the ....
2024 Supreme(Online)(DEL) 675 • India - High Court of Delhi
SANJEEV SACHDEVA, RAVINDER DUDEJA, JJ
The petitioner seeks the execution of an Adjudication Order regarding seized foreign currency. ... Consequently, the court allowed the petition, directing the release of funds. ... Petition is allowed with a direction to the respondent to release the remaining amount after realizing the redemption fine and penalty from the seized foreign currency within a period of two weeks from today. ... In her reply, petitioner stated that she was not having any knowledge of the legal provisions an....
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