1997 (12) TMI 130

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..... t No. 1. The petitioner is an authorised dealer in foreign exchange. The petitioner sold foreign currency to M/s. Tiruchi Enterprises, who according to the petitioner, is also an authorised full fledged money changer. A photocopy of the licence issued by the Reserve Bank of India in favour of M/s. Tiruchi Enterprises in this behalf has been annexed with the petition. The fact that M/s. Tiruchi Ent .....

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..... ull-fledged money changers. The transactions of sale and purchase of foreign currency between such dealers are permitted under the law. 3. The learned Counsel (appearing for Respondent No. 1 is unable to satisfy me about the power of Respondent No. 1 to confiscate the said money in the facts of the present case. Sections 110, 111 and 113 of Customs Act are not at all available to the respondent. .....

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..... or argument that the parties should first continue with the adjudication proceedings. Under the circumstances the Respondent No. 1 is directed release forthwith the entire amount belonging to the petitioner which they have seized from Respondent No. 2, the petitioner's bankers. 5. This writ petition stands disposed of. 6. Copies of the order be given dasti to learned Counsel for parties. .....

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